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Updated about 9 years ago,
Windfall coming... tax plays available?
I am anticipating a meaningful profit on a residential rental property sale in a year or so (the sale is contingent on certain zoning changes the buyer should be able to achieve). I purchased the property in 2002.
- I will not qualify for a full or partial home profit exclusion as it has operated as a rental for the last 7 years.
- I do not wish to conduct a 1031 exchange, preferring to deploy the profits in stock market investments at this time.
Are there any other kinds of significant tax breaks that might be available?