We are selling a vacation home (condo) to close on Nov 18. Est. Cap Gain 118,000.
1. How do I report this cap gain & calculate tax liability?
2. When do I have to report this, before I file my 2024 tax return (April 15) or ???
2a. Can I use TurboTax to report this? How?
2b. If tax due before 2024 return, do I use TurboTax 2023 or 2024?
3. Does selling a vacation home (condo) and using the all proceeds to purchase a single family home to use as a rental qualify as a 1031 "like-kind" swap.
4. If 1031 possible, are there any implications to the 45 day identification period and 180 day period extending into 2025 calendar year?
Thanks in advance...
