asked

I purchased a house with 5 acres of land for $465,000 a year and a half ago. The property was split into a house with 3 acres (sold for $550,000) and a 2-acre vacant lot. I plan to build a house on the remaining 2 acres. What can I do to minimize my long-term capital gains tax liability from the sale of the house, and is there any capital tax liability on the remaining 2-acre parcel?

July 9th, 2024

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