10 years ago I bought a residential RE property for 50K that appreciated to 100K. Now I want to exchange it for a new property costing 100K and keep it for 2 years to sell it for 102k. Will I have to pay pay taxes on 2K or 52K capital gain?
10 years ago I bought a residential RE property for 50K that appreciated to 100K. Now I want to exchange it for a new property costing 100K and keep it for 2 years to sell it for 102k. Will I have to pay pay taxes on 2K or 52K capital gain?