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Jon Andrews
Jon Andrews, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 3118
Experience:  I deal with all levels of tax planning and controversy - from the ordinary to the complex.
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if i sell land that i have owned for 5+ years, can i take the

Resolved Question:

if i sell land that i have owned for 5+ years, can i take the profit and use it towards the purchase of a new home and avoid capital gains tax
Submitted: 6 years ago.
Category: Tax
Expert:  Jon Andrews replied 6 years ago.

Not unless the new home is a rental property. If the new home is going to be your personal residence, you cannot avoid tax by using the money from the land sale.

 

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