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Ouch! I just found out I will be paying a big tax bill for 1998 because of some capital gains and depreciation recapture on a rental property (condo) that I sold in April of 1998.

My question is this: can I defer this gain if I invest in another rental property? How long do I have after the sale to re-invest?

2nd question: what are the ramifications of using the new property for vacations after I rent it out for a few years?


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