Comment by bombcar
18 hours ago
Some states are allowing you to “carry around” your assessed value, perhaps the $500k cap gains exclusion should be made similar - you can carry your basis similar to a 1039 exchange if you sell and rebuy in the same area soon enough.
What is a §1039 exchange? That code section was repealed over 30 years ago. Maybe you mean §1031 exchange?
There used to be a “1034 exchange” in which you exchanged one personal residence for another. I don’t know why it was repealed.
The reusable $500k cap gains exclusion is a huge huge thing, bigger than some realize. (Though it is interesting that you can exclude gains from a house sale but not losses, but you if you own a rental you can claim losses but not exclude gains (though you can 1039).)