Posted by Aaron on March 26, 2005 at 22:39:38:
Figured as much, but I was hopeful that someone would know of a loophole. Gonna pay, but need to learn a lot more about real estate for future transactions!
Sale of Lot and IRS - Posted by Aaron
Posted by Aaron on March 26, 2005 at 18:41:06:
3 months ago I sold a building lot for $35k in profit by flipping it. Then I used the $35k to help with the purchase of a new home that I am now living in. Is there any way that I can avoid paying gains on this income to the IRS as it was used to buy a home? Even part of it would be a help. Any advice would be appreciated.
Re: Sale of Lot and IRS - Posted by dealmaker
Posted by dealmaker on March 26, 2005 at 21:43:08:
Nope, it’s all TAXABLE INCOME. The rate depends on how long you held it. What you do with the money you earn AFTER you receive it has no bearing on how that money will be taxed!
dealmaker