Comments on: Austin, Texas or USA – Tax Alert! http://austintxhomes.wordpress.com/2008/08/15/austin-texas-or-usa-tax-alert/ Blog by Shay Hargus Fri, 14 Aug 2009 20:48:41 +0000 http://wordpress.com/ hourly 1 By: estate planner http://austintxhomes.wordpress.com/2008/08/15/austin-texas-or-usa-tax-alert/#comment-17 estate planner Sun, 24 Aug 2008 20:56:54 +0000 http://austintxhomes.wordpress.com/?p=28#comment-17 <strong>estate planner...</strong> Just dropping in to say hi, thanks for writing.... estate planner…

Just dropping in to say hi, thanks for writing….

]]> By: William L. Exeter http://austintxhomes.wordpress.com/2008/08/15/austin-texas-or-usa-tax-alert/#comment-14 William L. Exeter Sat, 16 Aug 2008 18:25:24 +0000 http://austintxhomes.wordpress.com/?p=28#comment-14 The new legislation may affect those who have completed a 1031 exchange in the past and now wish to move into the property as their primary residence and ultimate sell and take advantage of the $250,000 tax free exclusion, but it will also affect any investor that has held property as rental property and also wants to convert it to their primary residence whether it was part of a 1031 exchange or not. Essentially, the amount of time that the subject property was held as rental property, investment property, or other non-qualified use property will no longer qualify for the $250,000 tax free exclusion. There are a number of good articles on the subject already, so just search for "Changes to Section 121" to learn more. The new legislation may affect those who have completed a 1031 exchange in the past and now wish to move into the property as their primary residence and ultimate sell and take advantage of the $250,000 tax free exclusion, but it will also affect any investor that has held property as rental property and also wants to convert it to their primary residence whether it was part of a 1031 exchange or not. Essentially, the amount of time that the subject property was held as rental property, investment property, or other non-qualified use property will no longer qualify for the $250,000 tax free exclusion. There are a number of good articles on the subject already, so just search for “Changes to Section 121″ to learn more.

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