Sold part of my land

[confusedtexas]

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.

[JBedford]

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! 

[rschule1]

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.