@lizgordon wrote:
I thought there was a process in which if we rolled over the profits within so many months to another investment we could avoid capital gains on the second home.
The ability to defer capital gains tax on personal residence property by using the money to purchase another home went away about 10 years ago with a tax law change.
A 1031 exchange is the only method now and that would not apply to you situation (using the money to build a personal residence).
**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**
