I recently sold a piece of land in a residential area. I plan on buying a home in another state. How can I avoid capital gains tax or at least a portion of it?

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laineyone

ANSWERS: 1

Paula Straub

If it was an investment property and you did not put a strategy in place prior to close you will owe tax. If you lived in it for at least 2 of the last 5 years you will have a 250K (single) 500k(married) exclusion to offset gains. You do not have to purchase another home. Paula Straub www.savegainstax.com

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