My mother and I bought a home in IL w/ the purpose of flipping it for a profit.We will be closing on it this week and stand to gain about 6,000 each.I know of course will have to pay a capital gains tax but didnt know if there was something we could put our profit in so we could avoid that.We have no intentions of buying another property at thi time so the 1031 exchange is out of the question .Any advise you could give would be great.if not we will just bite the bullet..Thanks
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