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Posted by taxman99 on April 11, 2006, 3:31 am
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The difference in tax when a property is sold is much more
when the gain is classifed as short term. If someone sells
a rental house that they have owned for 20 years and does a
nontaxable exchange and 3 months after they did the
nontaxable exchange they turn around and sell the property
and take all the cash does this make the sale a short term
gain?
In other words if someone does a nontaxable exchange, do
they have to wait at least one year before selling in order
to have their gain classifed as long term even though the
original exchange would have been classified as long term.
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