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To Phil Marti: I also sold a rental property in 2000. I have two questions; Do I have one or two years to "settle" the sale of that property, knowing that cap gains will be involved, and I would like to rummage further to find legitimate expenses for improvements over the twenty years I owned the property.(?)
And, I am a part owner of a cabin in the mountains, so would it be possible to invest proceeds from the sale of the rental to the mountain cabin and rent it out for more than two weeks a year. Can this be done to avoid the cap gains? To what extent and how much must be 'invested' into the cabin and for how long must it be a rental?
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