If you're a Boston luxury condo owner and would like to sell your condominium to purchase a higher price luxury condo in Boston, here are a few things you should keep in mind

1. It's more common than you might think to have back to back luxury condo sales in the Boston area. The term used in such a transaction is 1031. In order for this to  meet the IRS requirements so your not taxed on capital gains you must hire a 1031 certified lawyer and he/she keeps the proceeds of the first transaction and uses it for the second Boston luxury real estate transaction.

2. When your involve in such Boston luxury real estate transactions remember you must purchase a luxury condo of equal or greater value then the Boston luxury condominium that you sold on.

3. Another method to purchase one Boston luxury condo over another Boston luxury real estate is by using a bridge loan. However, unlike  1031 they're may be tax consequences and thus you should consult with a tax attorney or tax accountant.

To learn more about Boston luxury real estate transactions please call our Beacon Hill office at 617-720-5454.