I sold part half of my land but not my home. I used part of the profits to buy a travel trailer and truck to pull it as a second home. Can I use the cost of the trailer and truck as a property investment and not have to pay taxes on that portion of the profits.
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Hi, @confusedtexas , thanks for the question! Unfortunately, no. The only way you can defer (not avoid) paying tax on this type of gain is through what's called a "like kind exchange". But unfortunately, land for a truck and trailer would not qualify. This article goes into more detail. Hope this helps, please let me know if not!
Hi There:
It seems as if you're asking about a tax free exchange of land for truck and trailer? Sorry to say but in my opinion, you cannot since neither home nor personal property like truck & trailer will qualify for a tax free exchange.
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