Is the gain from the sale of second home rolled into a new more expensive second home taxable?
Sold vacation home. Rolled all of the gain into a new vacation home. Is the gain from the sale taxable?
028023
2 Replies
Bsch4477
Level 15
Jun 3, 2024 7:26:23 PM
They are separate transactions so no, you can’t avoid the gain by buying another property unless you are dealing with rental property and a 1031 exchange.
VolvoGirl
Level 15
Jun 3, 2024 7:39:07 PM
Rolling it over to another house went out in May 1997. And it was only for your primary house. So unless you did a 1031 exchange the gain is taxable now.