Michelle Reynol
Junior Member
Can I sell vacant land to pay off mortgage improve primary Residence? & avoid tax?
What is the name of your state? Hawaii
I've owned a vacant lot for more than 5 yrs. I intended to build, but found and bought a house 3 yrs. ago. My vacant land has appreciated and I would like to sell it - But would pay capital gains tax on a sale (20%?)+ realestate agent commision (10%). Could I instead, use thie money from the sale to pay off (some of) the mortgage of my primary residence or make improvements/construction additions to my residence and avoid captial gains tax?
Thanks! Michelle
What is the name of your state? Hawaii
I've owned a vacant lot for more than 5 yrs. I intended to build, but found and bought a house 3 yrs. ago. My vacant land has appreciated and I would like to sell it - But would pay capital gains tax on a sale (20%?)+ realestate agent commision (10%). Could I instead, use thie money from the sale to pay off (some of) the mortgage of my primary residence or make improvements/construction additions to my residence and avoid captial gains tax?
Thanks! Michelle
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