Q: If I sell a rental property in Florida where I live and buy either a house or land in NY do I still have to pay capitals
The rental property is fully depreciated. Do I have to pay capital gains taxes?
A: In most cases if you lived in the property 2 of the last 5 years you exclude between 250K - 500K of gains regardless of what you do with the money. If you want to postpone capital gain you can do a 1031 exchange. www.lawyercpa.com.
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