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The fact that you purchased another condo has no effect on the sale of the first.
Assuming this is a rental, (there is no like-kind exchange for personal property) you would report the purchase price minus depreciation, plus improvements to get the basis. You would contrast that to the sales price and expenses of sale. You would realize gain or loss. Your gain would be taxable.
The fact that you purchased another condo has no effect on the sale of the first.
Assuming this is a rental, (there is no like-kind exchange for personal property) you would report the purchase price minus depreciation, plus improvements to get the basis. You would contrast that to the sales price and expenses of sale. You would realize gain or loss. Your gain would be taxable.
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