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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 10122
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I sold a lot that given to me and my wife .we put the money

Customer Question

I sold a lot that given to me and my wife .we put the money in a 1031 and bought rent housing if I sell the what would be my taxs
Submitted: 8 months ago.
Category: Tax
Expert:  Lane replied 8 months ago.

Hi,

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The gain( sales price - purchase price) will be added to the gain that you would have happened on the lot sale had you not DONE the 1031.

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What you do when you execute a 1031 like-kind exchange is just DEFER (put off) the gain ... but that gain follows into (will be added to the sale of) the replacement property.

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UNLESS another 1031 exchange is done

Expert:  Lane replied 8 months ago.

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I hope this has helped.

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Please let me know if you have any questions at all.

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If this HAS helped, and you DON’T have other questions … I'd really appreciate a positive rating (using the rating request, faces, or stars on your screen)

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That’s the only way JustAnswer will credit us for the work here.

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Thank you!

Lane

I hold a JD (Juris Doctorate, a doctoral degree in the law), with concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in finance & tax, as well as CFP® and CRPS designations. - I’ve been providing financial, Social Security & Medicare, estate, corporate & tax advice since 1986.

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