We own a house in Parker, CO and a condo in Boulder, CO. We purchased the condo in 2009 so our kids could attend college. One child is still living in the condo rent free. We have never rented the condo but are planning to sell it. Will we have to pay capital gains tax? Is the condo considered a second home since it is not a rental and is occupied by a family member? We paid $155,000 and plan to sell at $410,000. We spent about $30,000 to renovate after a flood in 2013. Are real estate fees and closing costs deductible?
