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Updated over 6 years ago,
Selling 2nd Home - How Long until Proceeds are Taxed?
My father-in-law is selling his 2nd home and needs to know how long he can hold the proceeds before taxes will be due? This property has not been operating or declared as a rental, so 1031 is not applicable. Are we correct in assuming that as long as the money is reinvested in 2018 then no taxes will be due for the proceeds of the sale in 2019?