Legal Question in Real Estate Law in Virginia

income tax on sale of property

My family is selling a piece of real estate & my part of the sale will amount to approximately $8400. If I re-invest this in another piece of real estate in NC--not VA will I still have to pay income tax on it. If so approximately how much?


Asked on 6/14/02, 3:56 pm

1 Answer from Attorneys
Michael Hendrickson Law Office Michael E. Hendrickson

Re: income tax on sale of property

You may be eligible for a starker exchange under U.S. Tax Code Sec. 1031 which would allow you to

defer income taxes from your share of the proceeds

from the sale of your family's property if you invest in another property similarly valued to your share within the specified time period.

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Answered on 6/14/02, 10:08 pm


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