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marlabook
New Member

Do I have to pay taxes on the gain from the sale of land if I put the gain towards the cost of building a second home if the second home is not finished within a year?

 
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3 Replies

Do I have to pay taxes on the gain from the sale of land if I put the gain towards the cost of building a second home if the second home is not finished within a year?

There’s no tax break for investing the proceeds in another asset. 

Do I have to pay taxes on the gain from the sale of land if I put the gain towards the cost of building a second home if the second home is not finished within a year?

yes the gain on the sale of land is taxable.

Hal_Al
Level 15

Do I have to pay taxes on the gain from the sale of land if I put the gain towards the cost of building a second home if the second home is not finished within a year?

Q. Do I have to pay taxes on the gain from the sale of land if I put the gain towards the cost of building a second home if the second home is not finished within a year?

A. Yes. You may be thinking about an old rule that expired around 1998.  Even back then, your situation would not have qualified for the tax break. 

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