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Get your taxes done using TurboTax
To use the capital gain exclusion for a primary residence, you would have to build a house and live there for at least 2 years before you sold the property. That's probably not what you had in mind.
If this is land you bought for business or investment, you might be able to do a "section 1031 exchange" to acquire a similar property for business or investment. Your gain is postponed until you sell the new property. Section 1031 is tricky and most taxpayers need someone to help them arrange the exchange.
‎December 7, 2023
7:08 PM