Like-Kind Exchanges of Real Estate Like-kind exchanges under Internal Revenue Code Section 1031 are a popular method used by real estate investors for disposing of one property and acquiring another without recognition of taxable gain. When taxable gain is not recognized in a transaction, income taxes are not required to be paid as a result … Continue Reading
Co-Author: Patricia A. Leighton, Esq. Quit Claims & The $500K Exclusion Part II In the May issue of the Colorado REALTOR, I posed the following scenario, a parent allowed her adult son to live in her second house for the last 2 1/2 years. The parent now wants to sell the house. Can the parent … Continue Reading
Co-Author: Patricia A. Leighton, Esq. Quit Claims & The $500K Exclusion Consider the following parent who has allowed her adult son to live in her second house for the last 2 ½ years. The parent now wants to sell the house. Can the parent quit claim the house to her son so that he can … Continue Reading
