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Stephen G.
Stephen G., Financial Advisor
Category: Capital Gains and Losses
Satisfied Customers: 6172
Experience:  Senior Tax Expert; CPA/PFS(retired)Personal Financial Planner; Small Business & Professional Mergers & Acquisitions
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I have a question i made $1,400,000 on 2015 as profit but i

Customer Question

Hello,i have a question i made $1,400,000 on 2015 as profit but i invested into a property that cost me $1,390,000.Is important to mention that this is a pre construction property and the closing is in about 2 years, so there is only a contract but they already got all the money.I have an Scorporation do i have to pay taxes on that $1,390,000 the money is not in my account any more is invested in a property.
Submitted: 9 months ago.
Category: Capital Gains and Losses
Expert:  Stephen G. replied 9 months ago.

Just because you re-invested in another property doesn't mean that it automatically qualifies as a 1031 exchange without the use of a qualified intermediary. If you used a qualified intermediary, they should have explained the criteria to you. I know of

Expert:  Stephen G. replied 9 months ago.

no reason why you wouldn't be subject to tax on the transaction.

Do you have any additional follow-up questions?

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.

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