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Tax benefit from using house sale proceeds to buy new house can save on Capital Gains tax?
I paid a huge amount of Capital Gains Tax last year from selling my primary residence property in November 2022, and then bought a new house (my new primary residence) in November 2023. I read this is a "1031 Exchange" (a tax break for when you use your proceeds of your house sale for another one in-like condition), but I didn't do this last year. Can I still get a tax break, such as partial reimbursement of the Capital Gains Tax paid? I applied ALL of the proceeds of my house sale (plus more) to this new house.
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‎April 14, 2024
5:36 PM