ALLOMONG & ASSOCIATES, P.C.

Phone: 917-946-1031

Email: tim@allomonglaw.com

Office Location: 410 West 48h Street, Suite 2, New York, NY 10036

© 2019 Allomong & Associates, P.C. All Rights Reserved.

A client came in last week asking me to represent her in selling a single-family in south Brooklyn. She said her and her mother own the house 50/50, and her mother died intestate (without a will) last year. This means that, since the daughter and mother owned the home...

First, Section 121 deals with the IRS rules around the sale of your primary residence whereas Section 1031 deals with investment or business-use property that is exchanged for other like-kind investment or business-use property of equal or greater value.

 

Section 121 pr...

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