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Get your taxes done using TurboTax
Hi @kwilcoxp !
The options to avoid the capital gain tax is to revert it to your 100% primary residence for 2 years, or do a Like-Kind Exchange. The rules for the Like-Kind Exchange are strict. Here is some information on it:
https://www.irs.gov/pub/irs-news/fs-08-18.pdf
Also, when you do dispose of the property be sure to include everything possible in your basis calculation. Here is a guide for that calculation.
Hope this helps!
Cindy
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‎October 25, 2023
3:47 PM