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There’s no tax break for investing the proceeds in another asset.
yes the gain on the sale of land is taxable.
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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