Ask Terry Questions Capital gain on land sale.

Capital gain on land sale.

By Terry Savage on April 27, 2015 | Housing / Real Estate

I recentley sold rental property, what can I do to keep from getting taxed on capital gains for the whole amount? Someone told me I could reinvest the money and not get taxed? How, in more land? Or could I put it in the market and not get taxed? Any suggestions would be helpful.
Thank you,
Jerry Patterson

Terry Says:  It’s probably too late to make that work now.  It’s called a 1031 Exchange, and it must follow strict rules to make the exchange tax-free.  Here’s a link to a n American Bar Association article explaining all the things that must be done.  Or cut and paste this url into your browser.



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