About Tax

Although I am selling this house and bought another new house, I don’t think I am qualified for Section 1031 tax deferred exchange, since I don’t use the house for business activity.

Section 1031 is the provision of the Federal Income Tax Code that permits companies and individuals to exchange property of a like-kind without incurring any liability for paying capital gains tax dues.

To qualify for a 1031 Exchange, both the property transferred and the property received must be held either for productive use in trade or business or for investment.

Oh well, something that you can not avoid is tax and death.