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Old 10-26-2004, 05:09 PM
franfuhr
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selling a real estate mortgage

What is the name of your state?Texas. I sold a mortgage I was holding on Real estate property in Feb 2004. I received $18,000. I paid aprox 7500 for the property. Can I invest this money in more real estate and avoid capital gains tax. Also I receive SS. Will this sale cut down my SS.
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Old 10-26-2004, 06:49 PM
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Did you sell a mortgage or did you sell REAL property?

If real property, capital gains on investment property CAN be deferred, but the proceeds must be escrowed through a qualified intermediary without you ever touching them in accordance with the 1021 exchange rules for that to work.
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