If I sell a 127 acres, do I have pay capital gains tax or can I take a one time no tax sell?

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If I sell a 127 acres, do I have pay capital gains tax or can I take a one time no tax sell?

Asked on January 9, 2012 under Real Estate Law, Texas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Is the property with the 127 acres have your permanent residence on it? If so, then there is the possibility that the capital gains tax on it might not have to be paid if you have had the subject property for a certain period of time. In order to confirm this area of the law, I suggest that you speak with a tax attorney on the subject.

If the property is not your main homestaed, there is a possibility that you can defer capital gains taxes if you do a like kind exchange where you buy another parcel or parcels for equal to or more than what the selling price is for the 127 acres you are writing about. To do this, I suggest that you consult with an attorney experienced in "Starker" transactions.


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