Capital gains/1031 exchange info

[Kachina26]

Question for the financial gurus around here. In ballpark numbers, what would capital gains tax be on a property held for over 2 years with profit of around $40k ? Also, does anyone know a good 1031 exchange person?

[cdog]

Question for the financial gurus around here. In ballpark numbers, what would capital gains tax be on a property held for over 2 years with profit of around $40k ? Also, does anyone know a good 1031 exchange person?
Nothing if you do a 1031 exchange. But you'll have to re invest the money in something quick. Tax runs around 33% on average. If you're planning on selling I mabey able to help. I have a couple of land lots in apple valley for sale and get a lot of calls on them from orange county peeps trying to buy investments. PM if your intrested.

[Lightning]

There are many options out there for 1031 exchanges. If you want all the rules and details, give me a call, I'm a CFP and do workshops on 1031 exchanges every month. If this was your primary residence for 2 years, there is no tax due on $40K.
Ari
619-246-1897

[Ivan Dan]

If this was your primary residence for 2 years, there is no tax due on $40K.
Ari
619-246-1897
Good answer....u beat me to it.

[Kachina26]

Actually, it's a lump of dirt in Havi. So I was unable to reside in it My bad for not being specific.

[ROZ]

I think you have 30 days to name the property you plan to roll it into and 180 days to complete the transaction... Ari would be your best bet for info, though...