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bradbro444
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Capital Gains from Selling House I have owned for 2 years

I purchased a 2nd home about 26 months ago.  It was not a rental, just a 2nd home for my family to use for vacation. I am in the process of selling it.  Can I use the profits to pay off my main home's mortgage without paying capital gains? I am hoping the profit is actually more than the payoff on my original mortgage. What can I do with the remainder to avoid capital gains? Thanks in advance. 

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2 Replies

Capital Gains from Selling House I have owned for 2 years

There are no exclusions from the payment of capital gains taxes on the sale of a second home.  How you use the gains from the sale of a second home is not relevant.

Capital Gains from Selling House I have owned for 2 years

your mortgage does not affect the gain just the net proceeds you get.  gain = sales price less sales and closing costs less your tax basis in the property 

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