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Old 02-14-2015, 09:40 PM
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Purchase and sale of vacant land

I bought a vacant lot to build a house on (2/2014), then sold a similar lot I had owned for 3 years (at a profit) in 8/2014. Do I need to claim that profit as income? Or can I claim that that profit was funneled back into the lot I just bought. I have no 1099 for either one. ??

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