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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13152
Experience:  15years with H & R Block. Divisional leader, Instructor
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I have a property in miami beach, florida that I am selling

Customer Question

I have a property in miami beach, florida that I am selling and have a contract on a lake property.
The miami beach, florida was my college apartment for over five years and then it has been empty and rented for the past six years.
the new lake front property is for both personal and rental use, but we want to use it more for vacation time as my daughter can not travel away from emory in Atlanga, GA due to her heart condition.
do i have to pay capital gains if i sell and buy within the same month?
Submitted: 3 months ago.
Category: Tax
Expert:  attyadvisor replied 3 months ago.

There is a way to sell and buy property and avoid capital gains if you sell through a 1031 exchange. This only works if both properties are income producing as you use them as rentals. Have you ever rented the property in Miami Beach?

Expert:  Robin D. replied 3 months ago.


Yes, you are still obligated to report the sale. You cannot use a 1031 to replace rental property with personal use property. This is so even if you split the use of the replacement property.

The rental you are selling is subject to tax on the gain you recognize.

Please let me know if you need clarification. If you do not then a positive rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)

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