Calling Steveny and other re gurus:
In April 04 along with a partner, I put a 10% deposit down on a condo in a condo/hotel development in Las Vegas. It is on schedule to be complete in May 06. I am thinking about selling it before closing at a significant gain.
My contract allows for assignment and the developer handles the sales process for me.
How does the capital gain get treated if I elected not to do a 1031 exchange with the proceeds.... at my personal tax rate or at another rate like that of short-term cg on securities?
In April 04 along with a partner, I put a 10% deposit down on a condo in a condo/hotel development in Las Vegas. It is on schedule to be complete in May 06. I am thinking about selling it before closing at a significant gain.
My contract allows for assignment and the developer handles the sales process for me.
How does the capital gain get treated if I elected not to do a 1031 exchange with the proceeds.... at my personal tax rate or at another rate like that of short-term cg on securities?
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