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I two questions. FIrst my husband and I are divorcing. He…

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Thank you. I two...

Thank you. I two questions. FIrst my husband and I are divorcing. He giving me most of the real estate. I live in California. My income last year was $35,000. The first house I want to sell is in Portland Oregon. We bought it for $89,000 25 years ago and will place it on the market for $550,000. We did take a second on it. I have another one here in palm desert I want to as well. Purchased for $172,000 want to sell for $282,000. My soon to be ex says since my income is lower than $40,000 I won't have to pay capital gains. Second question. If I do pay capital gains can I lump the two properties together and purchase a multi family unit? Thank you

Lawyer's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

The first is Oregon the second palm desert CA

Lawyer's Assistant: Has any paperwork been filed?

For what

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Nope thanks

Submitted: 10 months ago.Category: Real Estate Law
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Answered in 5 minutes by:
9/30/2017
Real Estate Lawyer: legalgems, Arbitrator replied 10 months ago
legalgems
legalgems, Arbitrator
Category: Real Estate Law
Satisfied Customers: 13,956
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Hello! I will be reviewing your question and posting a response momentarily; if you have any follow up questions please respond here. Thanks!

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Real Estate Lawyer: legalgems, Arbitrator replied 10 months ago

I believe you are referencing a 1031 Starker exchange; and this does allow an owner to sell two properties and then purchase a replacement property. The relevant time frames begin to run from the sale of the first property. It has to be a like kind exchange which is broadly defined as: the same nature or character, even if they differ in grade or quality.

Please see:

https://www.ftb.ca.gov/Archive/professionals/taxnews/2015/January/03.shtml

https://www.ftb.ca.gov/individuals/1031_reporting_requirements.shtml

Capital gains tax is determined by one's income tax bracket.

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Customer reply replied 10 months ago
Ok so to clarify, since I made only $35,000 last year would the sales of my 2 rental properties not be prone to capital gains? This is very important to the decision of our assets split.Thanks corinne
Real Estate Lawyer: legalgems, Arbitrator replied 10 months ago

Last year's income is irrelevant to the sale of property for this year; it is based on the calendar year. If one is in the zero tax bracket, they would not pay capital gains-please see:

https://www.irs.gov/taxtopics/tc400/tc409

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Real Estate Lawyer: legalgems, Arbitrator replied 10 months ago

Hello again; just checking in to see how things worked out;

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