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Updated over 5 years ago,
Avoiding capital gains....
I recently bought a duplex and am going to rehab one of the units. It should cost me around 5-8k to do so. In the mean time I sold a property and profited about 38k. I know i will have to pay taxes on the 38k. My question is if i use at least 7600 (20% of 38k)on the rehab of the duplex unit, would that negate my capital gains tax obligation?