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RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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we are selling a piece of land that we have owned for 11 ...

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we are selling a piece of land that we have owned for 11 months. we will be making a profit. we also have vacation condo rental property . . . rather than purchasing another unit or piece of land with the profit can we purchase items for the condos that we need? we are of course trying to avoid having the pay capital gains on the sale of the property
Submitted: 9 years ago.
Category: Tax
Expert:  RD replied 9 years ago.

You will have to do a Sec 1031 exchange and the property you buy has to be like kind. SO you will have to buy a real property in exchange for land. You cannot buy other items for the Condo.

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

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