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Updated about 5 years ago,
Strategies for proceeds towards another property within same year
Land A -- Is an empty plat of land in Virginia. It is selling September this year for $325,000. Profit will be $200,000 This property is owned by an LLC. This LLC is only a few years old, but its purpose is to be a residential building company. Not sure if that affects anything.
Land B -- Plat of land, basically empty. Has a condemned building on it. Purchase price is $190,000. The purchase of this property will be March this year. This will be owned by the same LLC as mentioned above.
Any strategies on properly navigating the tax situation for this?