Ask Terry Questions Capital gains

Capital gains

By Terry Savage on April 01, 2024 | Taxes & Economy

I’m selling an investment property(quick house flip) I will have to claim the gains as income as I will have it less than 1 year. I’m also looking to purchase a new RV for my campground I have 6 months of the year(seasonal site the camper never moves). Can I take the gains from the home sale and roll it into the RV purchase to avoid claiming it as income?

Terry Says

In a word: No! Isn’t there any way you can keep the property for a full year? It will make a lot of difference in your taxes!



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