topic Liked kind exchange. My kind is real estate. Sold land then less than 180 days I bought a house. So can I save on capital gains tax? in Deductions & credits

Liked kind exchange. My kind is real estate. Sold land then less than 180 days I bought a house. So can I save on capital gains tax?

donwayne341 — Sat, 01 Jun 2019 15:47:29 GMT

What is the 180 day event to enter?

You had an escrow company hold all monies from the sale a...

Lisa995 — Sat, 01 Jun 2019 15:47:30 GMT

You had an escrow company hold all monies from the sale and purchase of the replacement property?

Like=kind exchanges are a bit more complex than that. Th...

Anita01 — Sat, 01 Jun 2019 15:47:32 GMT

Like=kind exchanges are a bit more complex than that. The money received from the sale of the land has to be held by an escrow agent until the purchased property is closed upon. This is usually an exchange agent. The money used for the purchase has to be the exact same money received from the sale, not just the same amount, but the actual same money. If you take possession of the money at any point, the exchange is voided. You also have to file a form within 45 days identifying the possible properties to be purchased, The purchased property must cost more than the sold property to be completely tax-free.