@Carl wrote:
.....you could qualify for the capital gains tax exclusion of $250K if single, or $500K if married filing joint and you were both listed as owners on the deed.
For a married couple filing jointly, only one spouse has to meet the ownership requirement. Each spouse must meet the use requirement, however.
@Carl wrote:
....I don't see a 1031 exchange as even a possibility here, since your purchase was for land only.
A 1031 exchange can be done with land so that is not the issue. The issue is that the property must be held for productive use in a trade or business or for investment to qualify for a 1031 exchange.
