Investors & landlords

If the second/vacation home was held strictly for personal use, then there is nothing that can be done to offset the capital gains with another purchase.

 

The condo does not qualify for a Section 1031 (like-kind) exchange since it was personal use property and not held for investment.

 

There is a safe harbor (see link below) for such exchanges but, again, your condo does not appear to qualify.

 

https://www.irs.gov/pub/irs-drop/rp-08-16.pdf

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