Solved: If I put all of my net profit on the sale of a second home into a down payment for the purchase of a new second home, does that net profit count as income?
If I put all of my net profit on the sale of a second home into a down payment for the purchase of a new second home, does that net profit count as income?
I sold a second home for $250,000 in May, 2017. The net profit to me was $54,000. I put all of that net profit into the down payment on a new loan for a new second home in June 2017. Am I required to declare the $54,000 as income for 2017?
If I put all of my net profit on the sale of a second home into a down payment for the purchase of a new second home, does that net profit count as income?
Yes. The days of deferring gain by purchasing a more expensive home are a long time passed. 1997 was the last year you could use Form 2119. It is a capital gain that must be reported in 2017.
If I put all of my net profit on the sale of a second home into a down payment for the purchase of a new second home, does that net profit count as income?
Yes. The days of deferring gain by purchasing a more expensive home are a long time passed. 1997 was the last year you could use Form 2119. It is a capital gain that must be reported in 2017.
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