What are the capital gains taxes on the sale ... - Finance information

Question by main landd : What are the capital gains taxes on the sale / purchase of a summer home
I am considering selling a beach house and buying another beach house. I would realize about a $ 500K capital gain on the house I sell. If I buy another beach house with the proceeds of the sale, will I be liable for capital gain taxes when I roll the money into a purchase of like kind? Best answer:
Answer by

glaciergizzlybear You may be able
to do a 1031 exchange if the property is used for investment or business. This will allow you to delay paying taxes on the gain. See the link to the IRS website that discusses the issue.My advice would be to consult a CPA to Ensure everything is done properly.I am a CPA and would be happy to help you. Feel free to email me.

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