ANSWERS: 2
  • Depending on your intent of owning the property (investment intent), you may be able to do a 1031 exchange if you wish to reinvest into another investment property. Doing at 1031 exchange would allow you to defer paying the capital gains tax. For more information go to http://www.1031taxinfo.com .
  • That is a question best left to a good accountant or tax attorney.

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