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Capital Gains

jimdol profile photo
  • Wednesday, March 24, 2004 @ 08:54 AM EST
  • 2 Comments
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
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  • keymtn
    keymtn24th March, 2004
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    Reply

    a 1031 exchange will defer your tax.

  • DaveT
    DaveT24th March, 2004
    0
    Reply

    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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