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Would I pay capital gains if selling raw land to buy a home?
Posted on 8/14/23 at 3:53 pm
Posted on 8/14/23 at 3:53 pm
I've had raw land for a couple years now, nothing there but some a couple barns and horse stalls.
Considering selling it to buy land with a home already on it.
Would I be able to sell the land and my primary residence and use a 1031 while purchasing new home to avoid capital gains?
Considering selling it to buy land with a home already on it.
Would I be able to sell the land and my primary residence and use a 1031 while purchasing new home to avoid capital gains?
4
Posted on 8/14/23 at 4:20 pm to DownSouthDave
Raw Land? yes. Primary residence? No. 1031 has to be investment properties.
Posted on 8/14/23 at 6:49 pm to DownSouthDave
Anything not your primary residence will have capital gains. Talk to your cpa, you may need some farm implements to help with the improvements in order to sell the land.
Posted on 8/14/23 at 7:04 pm to DownSouthDave
If you are going to live in the new home you can’t do a 1031.
Posted on 8/14/23 at 9:35 pm to DownSouthDave
How much have you actually gained on this land?
You’d only owe LTCG on the difference in sale price minus purchase price and any improvements.
You’d only owe LTCG on the difference in sale price minus purchase price and any improvements.
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