Legal Question in Real Estate Law in Arizona

Capital Gains

We are looking to sell a 1 acre parcel of land for $120,000. We are using the $120,000 to purchase a home. Do we declare capital gains on the $120,000 even though it is being immediately used to purchase a home? If yes, what other avenues can we follow to prevent having to declare a capital gain.


Asked on 3/23/08, 2:34 pm

1 Answer from Attorneys
James Jenkins Jenkins Law Center PLC

Re: Capital Gains

This is an income tax question. Please submit under that category.

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Answered on 3/24/08, 12:29 am


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