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Reply to "how does cap gains tax work for rental properties?"
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[quote=Anonymous][quote=Anonymous]She could buy another rental property with the proceeds, in which case it's a transfer and she pay no taxes (from what I understand). Then a couple of years later she can sell that rental property for the same as she bought it for. In that case she only pays depreciation for about 2 years she owned a new property, and if she doesn't make profit on selling it no tax to pay. If she buys new property with cash and sells it, she keeps most of the cash. Is this true or hearsay? Maybe I am wrong, but often times rental RE holders are forced to do the conversion because depreciation is only valid for about 27 years, then you lose it and have to pay your regular income tax on rental income. [/quote] That's called a 1031 exchange. It's complicated, but possible.[/quote]
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