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

Comments(2)

  • keymtn24th March, 2004

    a 1031 exchange will defer your tax.

  • DaveT24th March, 2004

    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.

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