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TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 14869
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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Does selling a second home fall under capital gains tax?

Customer Question

Does selling a second home fall under capital gains tax?
Submitted: 8 months ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 8 months ago.


Yes, the sell of a second or vacation home is under capital gains tax providing you owned it for more than 1 year. You would pay tax on the gain (difference in cost plus improvements and sell less cost to sell).

There is no exclusion of gain on a second home like there is for your main home.

Please let me know if you need clarification. If you do not then a positive rating is appreciated so I get credit for the response. (look for the STARS or SMILEY FACES)

Expert:  TaxRobin replied 8 months ago.

Please post below.

Expert:  TaxRobin replied 8 months ago.

Checking to see if you needed to know what form to use to report that sell.

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