Please advise how we might be impacted if we sell our primary home without buying another one in the same calendar year. We will be moving from our primary home (Howell, MI), staying temporarily in our second home (Petoskey, MI) while looking for a replacement for the primary home (moving full time to Petoskey, MI). We may sell the 2nd home at the same time, or we may hang on to the 2nd home, we have not decided that part. It may depend on the purchase price of the new primary home. We need a way to analyze the effects on us if we sell the 1st home and hang on to the proceeds for a bit before buying again. I anticipate that we will sell the home for more than we bought it + the costs of improvements over time, so we should have some capital gains. Please advise if you need more info to answer this! Thanks!
