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So you knew about the long-term holding period?
Yes, I originally shot for 1 year plus one day but luckily the buyer delayed by a couple of days because I learned that official closing day does not equal settlement day.

By "only property" I am guessing you mean that it is land with no structures on it.

Yes, real property, only land.

I don't think that my mortgage interest payments were high enough to make it worthwhile to classify this as investment income. So, for now, I'll take it as capital gains.

This has been very helpful, I will run all of this by my tax accountant and ensure we make the most out of this.
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