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re: Would I pay capital gains if selling raw land to buy a home?
Posted on 8/14/23 at 4:55 pm to DownSouthDave
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.
1
Posted on 8/15/23 at 8:25 am to sig3197
quote:
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.
I am a CPA. The rule is must live in 2 of the last 5 years and you get at 250k deduction on increased value (500k if married and spouse claims as primary residence as well).
Second statement is correct.
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