Lake Martin Topics: 1031 IRS Exchange

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	Name:	TotheLake -
	Subject:	1031 IRS Exchange
	Date:	8/27/2006 9:53:42 PM

We can't do the 1031 exchange because it wasn't investment property, we bought it for fun for our family, we didn't rent because where it was located it was a restriction that we could not rent. I think it stinks that we have to pay the tax but we will pay it. We look at it this way, it didn't cost us anything to have fun at the lake for 5 years. We paid less than $95,000 for this property 5 1/2 years ago, paid it off in 2004 and sold it this month for over $200,000. Even paying the taxes we "got paid to have fun at the lake" if you want to think of it that way.

We didn't really want to sell the place but our daughter decided she was tired of sleeping in a pack and play last summer and mastered climbing out. We managed to get something bigger so she can sleep in her crib and don't have to worry about her climbing out, and she takes better naps at the new place than the old place.

Other messages in this thread:

View Entire Thread

Just asking... - Capt D - 8/26/2006 12:32:04 PM

Just asking... - TotheLake - 8/26/2006 2:54:51 PM

Just asking... - weagle89 - 8/26/2006 5:32:28 PM

Just asking... - ridgeman - 8/26/2006 8:09:51 PM

Just asking... - TotheLake - 8/26/2006 8:39:06 PM

Just asking... - au67 - 8/26/2006 8:40:08 PM

Just asking... - TotheLake - 8/26/2006 8:35:15 PM

1031 IRS Exchange - JUA - 8/27/2006 6:07:33 PM

1031 IRS Exchange - Bob - 8/27/2006 8:20:35 PM

1031 IRS Exchange - TotheLake - 8/27/2006 9:53:42 PM

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