We purchased this property by getting a loan in the amount of $136569.87 against a rental property we had that was already paid for. The land we purchased cost us $122197.41. Plus $1000.00 earnest money to hold the property. We also paid $6576.95 for the cost of subdividing the land. For instance survey, platting, drainage study, legal fees, restrictions changes, marking lots and tax certifications. We purchased in our personal name on 2/24/2017 but moved the land into a LLC we formed on 6/19/2017. We sold two lots in January 2018. What can we do in order to keep from paying the capital gains next year? Also are we considered a real estate professional? We both have full time jobs that aren't involved in real estate.
