1031 exchange military service

Hello,
 I have been in the military and I'm about to retire 1 Sep.  I have a home 
in Missouri that I have owned since 1996.  We received orders to Hawaii 
and have been renting the house since 2001.  Are there any areas that can 
save on the amount of capitol gains I will have to pay since I was active 
duty military?  Thanks in advance.

Dear Mr. P:  You converted your home to investment property back in 2001.  You have held it for investment for 7 years.  To my knowledge there is no special tax treatment in this area for military vs. non-military.  You may sell the property and following the rules of section 1031 repurchase a new investment property without tax liability.  This is your only good option for not paying tax on your gain.  We coach people through this process.  I hope you will let us do that for you.  Sincerely,

Steve Hickox
Attorney / President

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