Kiyosaki Rich Dad
February 17th, 2010
Hot Air or Not? Richard Kiyosaki in his book, Rich Dad, Poor Dad, speaks about using 1031 tax deferred exchan
Speaks about using the 1031 tax deferred exchange when purchasing property as an advantage for building wealth. He doesn’t distinguish between home or business properties, so the homeowner is led to believe that a joint 500,000. exclusion is waiting for them upon sale of their home that they have lived in for forty years. Assuming that they sell their home for 450, 000. does this mean that there is no tax to be paid on the original property? And,mean that they must buy the next house for at least 450,000? I assume that they will have to live in this second home for at least 5 years before they can sell it.
All of the following is in publication 523. It has nothing to do with 1031 exchanges.
Let’s say you bought 1 and only house for $100,000.
40 years later it’s worth $400,000. Your gain is $300,000 less improvements and selling expenses.
If you are single, you only pay tax on $50,000 at roughly 15% $7500). If you are married, you pay no tax.
The IRS doesn’t care what you do with the money. (Before 1997, you could roll the gain into another house.)
In order to exclude gain on another house, you must wait 2 years from the sale of the first house to be able to use the exclusion again. (In theory, but not successfully in practice, you could move every 2 years and exclude the gain.)
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