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Updated over 12 years ago,
Capital gains selling a property I hae owned for 1 year
I am selling a property I have owned for one year. The problem is the date the deed was recorded is not the date we closed. When does the iRs see that one year starting from- date of closing or the date someone actually recorded it 30 days later. It's a second property and would hate to pay full tax for owing it for under one year making it a short term investment. Also, my wife originally purchased it in her name and then we did a quite claim 4 months later to both our names. Who's tax do we file this under and once again do the IRS work off the original date or the undated quit claim date?
Ps: we are in Florida. Thanks