topic I upgraded my 2nd home in Portland, Oregon by selling a condo and buying a house. Is the profit on the condo taxable in the state of Oregon? in Deductions & credits

I upgraded my 2nd home in Portland, Oregon by selling a condo and buying a house. Is the profit on the condo taxable in the state of Oregon?

mbheadrick — Tue, 04 Jun 2019 20:36:58 GMT

The house cost more than the condo so all profits from the Condo was reinvested in the house.

Neither the IRS nor Oregon cares what you did with the pr...

SweetieJean — Tue, 04 Jun 2019 20:36:59 GMT

Neither the IRS nor Oregon cares what you did with the profit.

There is no tax connection between selling a personal use...

jerry2000 — Tue, 04 Jun 2019 20:37:01 GMT

There is no tax connection between selling a personal use property, such as a second home and buying another other personal use property. What you used the proceeds from the sale for is of no tax interest at all. A loss on sale of personal use property is not taxable, a gain on sail of a personal use property is fully taxable as a capital gain.