Hi ThomasM125,
Thank you for getting back to me. You mentioned - 'You will get no immediate deduction for the cost of the new home'. So, does that mean I end up paying tax on the entire capital gain, even though I reinvested most of that money back, and the Indian government only taxes me on the balance?
Can I report the entire transaction as the 'like-kind exchange' instead of the first way you suggested? That way, I won't have to pay tax on the capital gain that I reinvested.
Thanks.
