I sold my farm, can I reduce the income by a purchase of investment land? Or can I move a 10 acre farm to another location with 10 acres?

[re2boys]

Was the farm your primary residence or was it separate land held for investment or income?

[Critter]

You are thinking about a 1031 exchange ... however if you have already closed the sale and didn't use an intermediary third party to hold the proceeds pending the next purchase then it is too late for that option.

[jrpsr1]

It was a separate investment

[re2boys · Accepted solution]

As Critter#2 pointed out, at the time of the sale you could have set it up as a Section 1031 exchange of like kind properties and have rolled forward any gains.  However, since it appears you took possession of the sale proceeds, that opportunity is lost.

For more info: https://www.irs.gov/uac/like-kind-exchanges-under-irc-code-section-1031

[jrpsr1]

Thank you for the fast responses!  It helped a lot!