Newsflash: Selling house for profit to rent next – 1031?

My husband and I are selling our house to move out of state, so we’ll be renting. I told a coworker about it and she said something about tax liabilities and threw out “1031”, saying something about how we’ll be hit with a hefty tax because we’re not buying a new house? Can anyone explain this to me? I tried googling it, but it made no sense.

Read more at https://www.reddit.com/r/RealEstate/comments/6iqeoa/selling_house_for_profit_to_rent_next_1031/?utm_source=ifttt

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s