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GMONEYY
Tax Payer
Posts: 1
(2/9/06 8:12 pm)


 TAX HELP
GINO:4 YEARS AGO I BOUGHT A 4 LOT PROPERTY AND I BUILT A NEW HOUSE ON ONE LOT AND I RECENTLY SOLD IT AND MADE ABOUT A 200 THOUSAND DOLLAR GAIN ON IT AND I WANT TO BUILD A HOUSE FOR ME ON THE NEXT LOT,MAYBE TO LIVE IN OR MAYBE TO RENT DO I HAVE TO PAY TAX ON THE GAIN IF I REINVEST THE MONEY AGAIN..
bmcper 
CEO/Auditor
Posts: 334
(2/10/06 10:00 pm)


 Re: TAX HELP
I just answered your email.

Bernadette's Corner, Too!

Downpuppy 
Tax Payer
Posts: 35
(2/11/06 10:00 pm)


 Re: TAX HELP
It sounds like you're out of luck.

It is possible to defer a gain on some property sales by exchanging them for like kind property under Section 1031, but you should get competent tax advice before making the sale.

Because you built a house, you may have ordinary income not capital gain, and also, most exchanges require a more or less direct property for like kind property exchange to qualify.

Its after 8pm- this advice is probably worth what you paid for it.

bmcper 
CEO/Auditor
Posts: 334
(2/11/06 10:39 pm)


 Re: TAX HELP
It's impossible to give tax advice Downpuppy, when certain criteria is missing. You can't just take things at face value.

Downpuppy 
Tax Payer
Posts: 36
(2/13/06 11:11 am)


 Re: TAX HELP
Yep.

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