Here's a transcript of our chat. Please follow up using "reply" if you need anything additional, if not, please rate as "excellent" so that I may receive credit for assisting today.
Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
In order to qualify, no rental income was required, although you would have had to purchase the residence for investment purposes.
You cannot get a like-kind exchange on personal use assets
<br/Customerhas entered this chat!MyVirtualCPA says:
So, if you purchased this for investment purposes then it qualifies. Not having rental income doesn't mean that it wasn't investment property</pCustomersays:
i do not think i was clear enough. i currently own a two-family home with my sister and we are contemplating selling within the next couple of years. do i need to rent one of the apartments prior to selling in order to do a like-kind exchange to another piece of income property?
If it is used in any way for a personal use asset, it does not qualify
So, if you live in one half of it, it would not qualify for a like-kind exchange
However, you would qualify for the capital gain exclusion if you lived in the house 2 out of the last 5 years</pCustomersays:
i cannot read the question and the answers. i would need to be able to print these before rating my experience.
You cannot view my responses?
You can use your browser's print function to print a copy of this, or you can return to this URL to see the chat session at any time
Let me switch to a different format, and copy and paste this for you. It might make it easier for you to see the question and answers.