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Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1249
Experience:  MBA, EA, Specializing in Business and Individual Tax Returns and Issues
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If you sell your primary residence you have lived in for 12

Resolved Question:

If you sell your primary residence you have lived in for 12 years, roll the proceeds into a new home and then have to sell it in the same year after living there only 10 months. Can you roll the proceeds, profits, from the sell of home two into a new home without being taxed on the profits.
Submitted: 7 years ago.
Category: Tax
Expert:  Mark D replied 7 years ago.

You cannot do a 1031 exchange on a primary residence, it must be an investment property. When you sold the first home, you should have been eligible to exclude $250K ($500K if married) of any capital gains. The second property's basis would be the purchase price for which you bought it for, and any gain would have to be recognized. Please let me know if you have further questions.


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