The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: sale of property||Date: 3/14/2001 3:54 AM|
|Author: ptheland||Number: 48375 of 122296|
Thank you Phil. Just to be clear, I will have to report the sale AND pay the cap gains when filing my 2000 taxes (April 16, 2001)?
I thought that I had one or two years to reinvest the proceeds into a like property. NO?
And I thought that stock tip from my brother-in-law's co-worker's sister's friend was a sure thing. ;-) We are both wrong.
It sounds like you're describing the old section 1034 rules which applied only to your principal residence. Those rules (which wouldn't have applied to your situation, anyway) were repealed in 1996. (I think?)
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