Sale and Exchange

She called her accountant. He told her that she did not qualify for the deferral of gain on the house. The law said that she had to hold it for five years after an exchange to qualify for the deferral of gain and that she had only had it for three years. She would rent it again, but she couldn’t bear to have another incident like the first. Enrique was adamant that he wanted her to join him in Venice. Crestfallen she removed the antiques and put them in storage and put in some generic furniture and rented out the house. After two more years and much damage and headaches and several flights back and forth from New York to Venice and a six month stay in the small house documented by her passport, she sold the bungalo and lived happily ever after with Enrique eating Italian food, drinking wine and going down the romantic canals of beautiful Venice.

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