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This about property and capital gains

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rvitale48 Joined: 30 Aug 2010 Posts: 1 1.00 Dollars($)	Posted: Mon Aug 30, 2010 5:47 pm    Post subject: This about property and capital gains Like 0 Dislike 0 I have a house and property 120 x 100 that is sub divided the property is being sold separate if I invest in a new property immediately will I still have to pay capital gains.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Aug 30, 2010 8:56 pm    Post subject: Like 0 Dislike 0 Hi rvitale! Welcome to forums! As far as I know, under the IRS Code 1031, the seller can avoid capital gains taxes on their gains by re-investing them in a similar kind of property. You should take the help of a lawyer or a tax advisor and set up the sale so that the proceeds are put into an escrow account and you can use it to buy a new property. There is a time limit of 45 days to choose the new property and 6 months to complete the transaction. Feel free to ask if you've further queries. Sussane

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