Capital Gains
I own an undeveloped lot that I paid $5,000.00 for over 2 years ago and am now selling for $70,000.00. I want to reinvest the money in a second home in Florida. Do I have to pay capital gains?
jd
I own an undeveloped lot that I paid $5,000.00 for over 2 years ago and am now selling for $70,000.00. I want to reinvest the money in a second home in Florida. Do I have to pay capital gains?
jd
a 1031 exchange will defer your tax.
Unfortunately, a 1031 exchange will not work in your case. Capital gains taxes will apply in your situation.
Best to post your tax questions in the Tax Forum.