Christina R. asked
I have a beach house that I am selling and I would like to use some of the proceeds from that sale to buy another house cash. I was told that I could not do a 1031 exchange because it will not be an investment property. My question is will I get taxed for all of the proceeds or just the amount that I do not use to buy another house?
March 18th, 2024
Diana L. answered
You would pay capital gains tax on the 'gain' amount from the sale, not the full proceeds. The calcu...
March 18th, 2024
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