Tough Question On Personal Resident
15 yrs ago , I sold my home on 2 1/2 acres for 200 thousand and deferred taxes on the profit by buying a 16 acre plot and building on it. I now can sell for 850 thousand, if I divide the house from the property, as a developer is not interested in the house. I can make abt 80 thousand more this way , as apposed to selling as one ****Must Reach Senior Investor status before posting URL's***Y CPA IS NOT SURE, and is looking into any complications in deferring the 500 profit gain.
If I sell individually , house and 2 acres will bring 350 and land 500...
If I sell as one peice...750 to 780
any advice is greatly appreciated, to backup my cpa's opinion
We just finished research this area for one of our 1031 exchange clients. Email me your fax number and I will fax a copy of what we found to you early next week.
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