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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.
‎September 12, 2022
9:29 AM
921 Views