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re: Would I pay capital gains if selling raw land to buy a home?
Posted on 8/14/23 at 4:25 pm to TTownTiger
Posted on 8/14/23 at 4:25 pm to TTownTiger
Thanks.
ETA: Any other way to easily reduce cg? Probably a question for my CPA? Just considering it right now, curious what my options are.
ETA: Any other way to easily reduce cg? Probably a question for my CPA? Just considering it right now, curious what my options are.
This post was edited on 8/14/23 at 4:27 pm
1
Posted on 8/14/23 at 4:55 pm to DownSouthDave
Not a CPA, but if you have lived in your primary residence greater than 2 years, unless it has changed, you won't pay capital gains on it.
raw land would have capital gains and could use a 1031 only if you are buying another investment property not to buy primary residence.
raw land would have capital gains and could use a 1031 only if you are buying another investment property not to buy primary residence.
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