We sold our second home (non-rental) this tax year and netted $186K and reinvested it in another home the same day. How do I report this without capital gains tax?
01451
1 Replies
Coleen3
Intuit Alumni
Jun 1, 2019 12:13:13 PM
You can't. If you have a gain on your home, it is fully taxable. Back in the 1990s, if you bought a more expensive home, you could defer gain but that law is long gone.
A personal primary home could qualify for an exclusion but a second home doesn't.