Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
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It sounds like you are a flipper, and the house you sold was a flip. Since you sold to a third party, the gain must be reported in 2015.
The exchange you are implying, there old house for the new one, defers tax in certain situations. It is called a 1031, or tax deferred, exchange. It applies to business property that typically had to be owned for 2+ years. It also generally had to be depreciable. You're flip does not qualify.
Your flip house is considered inventory, and thus the 1031 rules don't apply.
You would have to place the flip into rental service, and rent it out for two years, to execute a 1031 exchange. There are other technical requirements too.
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