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Author: debbice Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124938  
Subject: real estate capital gains tax ? Date: 3/20/2003 11:20 PM
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Dear Fellow Fools!

I think I already have my answer but would like confirmation from another source.

I live in Texas and am selling a vacant lot in Florida which has more than doubled in value in the past 4 years. I am projecting between a $158K to$154K profit which is subject to Cap Gains tax at a 20% rate. According to my estimates that means I will have a $30K+ tax debt on the property sale.

My basic question is this - Is there anyway I can claim the lot as a residence in order to avoid the Cap Gains? Intended use for the lot was a retirement home for some years down the road.(But life threw me a huge curve ball & he got the house & I got the lot. So my personal investments in real estate no longer include a dwelling.)

Thanks in advance for any information you can provide. I have read & read until I am blue in the face and cannot find my situation anywhere.

Blessings, debbi
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