if you sell an investment property how long you have to buy something new so you won't be taxed on the money?
Preshy7
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Re: does anyone know (financial tax question)
i thought it was 2 years for capital gains taxes b.c of a clinton law that was passed i think
shamrock12472
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Re: does anyone know (financial tax question)
Posted by Preshy7
i thought it was 2 years for capital gains taxes b.c of a clinton law that was passed i think
That is only for a primary residence which an investment property can not be. You have to pay capital gains when you file taxes for the tax year it was sold in. Remember to factor in depreciation as well as any capital improvements.
shamrock12472
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Re: does anyone know (financial tax question)
I just wanted to add, that unless it was a Like Kind Exchange as outlined in the IRS code, there is no way to avoid paying capital gain taxes. You can offset cap gains with cap losses though.
