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Do we have to pay capital gains tax when selling a seasonal property? What about a 1031 exchange?
Changing our primary residence to Florida. Will we have to pay capital gains tax on our old property when selling?
January 3, 2021
2:18 PM
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Deductions & credits
In order to qualify for like-kind (1031) exchange treatment, the property must be held for productive use in a trade or business or for investment.
See https://www.law.cornell.edu/uscode/text/26/1031
The IRS also provides a safe harbor for such exchanges.
January 3, 2021
2:30 PM
343 Views