I am facing an important issue at the present time. Selling a car I have owned for over 30 years, and freaked out about having the Government take a part of my money. This is nothing new, the Government is always taking money from me, but this is a serious amount that I would rather see in my piggy bank, not the Governments.
My accountant has advised me selling a car for a sizable amount will put a person in the 5-22% capital gains bracket (In Oregon at least). We discussed if the IRS 1031 Exchange program would work to offset the pain, and his answer was yes. I have visited the IRS Web Site, and it appears the 1031 will work for me, but this part of the rule book is quite big, and I do not wish to misinterpret an area of the rule book where I get whacked a good one.
I would like to hear from other folks with some first hand experience of how the 1031 program works, start to finish.
Is their anyone out there that has direct experience with an IRS 1031 Exchange in an automotive environment? And if so, is there any 1031 Exchange 101 course available?
Thanks,
My accountant has advised me selling a car for a sizable amount will put a person in the 5-22% capital gains bracket (In Oregon at least). We discussed if the IRS 1031 Exchange program would work to offset the pain, and his answer was yes. I have visited the IRS Web Site, and it appears the 1031 will work for me, but this part of the rule book is quite big, and I do not wish to misinterpret an area of the rule book where I get whacked a good one.
I would like to hear from other folks with some first hand experience of how the 1031 program works, start to finish.
Is their anyone out there that has direct experience with an IRS 1031 Exchange in an automotive environment? And if so, is there any 1031 Exchange 101 course available?
Thanks,