Land Sale

Comments(6)

• 
  jspaeth6th January, 2005

  deduct the taxes and special assessments you paid during the holding period, the interest, and the costs associated with the sale.

• 
  Sandyt16th January, 2005

  Thank you!!

• 
  zhaba6th January, 2005

  Sandy....
  
  Was this a one time investment or do you intend to continue buying land?
  
  I am looking into Florida to invest in preconstruction condos, but was also thinking about land, which one would you recommend and which part of Florida is best? In which part of Florida did you sell?
  
  Z.

• 
  commercialking7th January, 2005

  Well you could do a 1031 exchange, if you haven't already used the money otherwise. There are a bunch of restrictions and I suspect, since you're only asking the question now, that you haven't taken the proper steps to set up the paperwork. Get thee to an accountant at once.

• 
  NewKidinTown27th January, 2005

  Sandy,
  
  I strongly suspect that it is already too late for a 1031 exchange. Since you refer to events in the past tense ("sold it last year", and, "net profit was", it would appear that you already have the sale proceeds in hand. Constructive receipt voids any opportunity to enter an exchange.
  
  Consult with a tax professional just in case something can be salvaged, but as Commercialking suggests, tax planning after the settlement is already too late.

• 
  Sandyt19th January, 2005

  Yes I used the proceeds, and I purchased a more expensive property that is under construction. Construction will be completed in June 2005.
  
  Shouldn't that offset. I spoke with an accountant before I sold the first property, and he never mentioned the 1031. Ughhhhhh.