ok, I have gotten 3 different answers from 3 different exchanges and CPAs.
I have a primary residence in Dallas County.
I have 74 acres in Oklahoma with a Brando. The Oklahoma property is being bought by a developer. It was not for sale, but stupid money has a voice. They contacted me and started throwing money at me. Its 1000% more than what I have in it over last 2 years including purchase. So I have to sell...just have to.
Can I yes or no exchange that money into another lake house / recreational property? neither one is income producing, but in my mind investment property.
Help me TBH brain trust.
I have a primary residence in Dallas County.
I have 74 acres in Oklahoma with a Brando. The Oklahoma property is being bought by a developer. It was not for sale, but stupid money has a voice. They contacted me and started throwing money at me. Its 1000% more than what I have in it over last 2 years including purchase. So I have to sell...just have to.
Can I yes or no exchange that money into another lake house / recreational property? neither one is income producing, but in my mind investment property.
Help me TBH brain trust.
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