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RedHog1
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Can a capital gain from investment property sale be used on my primary home mortgage to avoid the capital gains tax from sale and how would that be reported in turbo tax?

 
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2 Replies

Can a capital gain from investment property sale be used on my primary home mortgage to avoid the capital gains tax from sale and how would that be reported in turbo tax?

No. 

 

However, you may be able to do a 1031 exchange if you replaced your investment real estate with other investment real estate.

 

See https://turbotax.intuit.com/tax-tips/investments-and-taxes/1031-exchange-how-it-works/c998pvsTp

Can a capital gain from investment property sale be used on my primary home mortgage to avoid the capital gains tax from sale and how would that be reported in turbo tax?

if you already received the proceeds from the investment property sale it's too late to do a 131 exchange

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