Do you have to pay capital gains tax on the sale of your acreage if you use the profit to buy another house or acreage?

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1138436

2026-04-01 16:15

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Yes you do have to report the sale of the acreage on your 1040 federal income tax return and pay any income taxes that may be due on the amount of the gain when your income tax return is completed correctly. It does not make any difference what you used the profit for.

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