We built a second home and closed on our purchase in July of 2021. My husband just lost his job and we need to sell the home.
Does anyone know if there is a hardship option when it comes to capital gains on a second home, if the sale is due to a job loss?
Also, we know we can deduct realtor commissions and any improvements we made to the property from the profits, but can we also deduct closing costs from the purchase of the home when calculating capital gains?
Finally, if we roll over the profits into our primary home (paying down the mortgage) does that have an impact on our capital gains tax burden?
Thank you for any advice!
