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Updated over 7 years ago on . Most recent reply

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Frederick Zachery
  • Texarkana, TX
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Rental property fire insurance and capital gains

Frederick Zachery
  • Texarkana, TX
Posted

I had a rent house destroyed by fire. The insurance payment will be a gain of 137,000 over the adjusted price I paid. I have heard that if I purchase another house within 2 years I can delay paying capital gains tax until I sell the replacement house (for the amount I spend on the replacement house). Is this correct?

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