|
Posted by Bill on March 26, 2007, 10:57 am
Please log in for more thread options bearphillips@gmail.com posted:
> I have owned a piece of vacant land for over 7
> years. It has gone up in value about 100K. I
> would like to sell the vacant land and use the
> proceeds to buy a second home. The second
> home will be for personal use (no rental).
> Would reinvesting the money in a second
> home in any way help with capital gains
> taxes?
No.
The only conceivable reduction in capital gains for this
circumstance would be if you retained some of the land for
building your second home .. but that would also involve a
reduction in the proceeds.
Bill
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
| 
Yahoo! 
Google 
Windows Live 
del.icio.us 
digg 
Netscape 
XML Sitemap