I have a regular city home (owned 9yrs) & lake house (owned 3yrs). I spend time in both--never used either as a rental or other investment. Last year, I sold the lake house for a profit. I immediately bought another lake house. Is there any way to use the primary home exclusion rule to avoid long term capital gains? Any way to carry the tax burden into the new lake home? I appreciate your help! Bradley
You'll need to sign in or create an account to connect with an expert.
The law that allowed you to defer gain if you bought a more expensive house expired in the mid-90s. If boht lived in and owned the previous home, you probably qualify for the exclusion.
How your sale qualifies. Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
jyee315
Returning Member
ejmorgan010698
New Member
jmpeacock-sbcglo
New Member
rhalexda
Level 2
frankdigiu
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.