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Will jenny need to reschedule the date of the closing

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Question - Jenny is an investor who just sold an income property for $500,000. The closing took place on February 1, 2019. Jenny plans to use the proceeds from this sale to immediately purchase a new income property. The closing for this new income property is scheduled for November 1, 2019.

(a) In order for Jenny to defer payment of capital gains taxes, will Jenny need to reschedule the date of the closing for the new income property?

(b) If the sales price for the new income property is $400,000, will Jenny be able to defer payment of capital gains taxes?

(c) How does a strategy to defer capital gains taxes differ from a tax deduction?

Reference no: EM132747496

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