Long term capital gain on sale of property ...

This discussion explores claiming tax benefits on a new property purchase to offset long-term capital gains tax from a previous sale. The key issue is the timing of the new property purchase and its possession date relative to the sale of the old property. While strict rules apply regarding purchase and sale timelines for tax benefits, case law may offer avenues for relief in specific circumstances, particularly concerning under-construction properties where possession extends beyond the typical three-year window.