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Will the proceeds for the home owner be taxed as capital gains?
by jelliclesfarm 5y ago
Will the proceeds for the home owner be taxed as capital gains?
- sam_schneider 5y agoYes.
- jelliclesfarm 5y agoSo that’s 20% capital gains as it’s probably going to be long term capital gains. There is no 1031 exchange taxes deferred. Will it be before or after your 20%? It’s not the primary residence so would they still be able to claim the 250k/500k deduction?