turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

Selling 2nd home

I'm assuming that if I can't use the rental exchange 1031 or main home exclusion, I would have to take long term capital gains tax when I sell it (?).  But does that exclude me from selling my main home the following tax year and use the main home exclusion?

Thanks for any feedback.

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

2 Replies
AmyC
Employee Tax Expert

Selling 2nd home

Yes, you will have to pay long term capital gains if you are not doing a 1031 exclusion for the rental house. It has no effect on the sale of the main home. You can still take your main home exclusion provided you qualify.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

Selling 2nd home

Thanks for the confirmation

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question