I am selling a second home that was being lived in by my daughter. We have not lived in the home in the last five years. I want to sell the home and buy another home with the profit of the sale. I intend to use all the profit to buy the second home and use as a rental. I am married. Do I need to pay tax on the profit? Can I defer the tax by using all the profit to buy the second home? Is there other ways to shelter the profit of the sale ?
