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Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 54721
Experience:  29 years of experience as a tax, real estate, and business attorney.
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We sold our summerhome in Wisconsin in 2009. Our principal

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We sold our summerhome in Wisconsin in 2009.
Our principal residence has been Florida for 10 years so we have not been filing tax returns
in WI.
But now the state of WI wants me to pay capital gains on that property. We did realize
a gain but I did not file because we used the money to pay off the mortgage and buy
a small condo in Romeoville, IL.
My question is: can the amount used on rebuying be deducted from the capital gains
thus saving substantial tax.
In addition, can any of the gov't. and realtor fees be deducted?
I have filled out the WI 2009 form and it is ready to, but I would like to save some, or
all of the $4000 tax I apparantly own.
Thanks for your advice. XXXXX XXXXX
[email protected]
(NNN) NNN-NNNN

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. Unfortunately, the reinvestment of the money is no longer relevant with regard to the taxation of gains. You can reduce the gain by all the closing costs, including govt. fee and commissions. Plus, of course, the gain is based not only on the sale price (reduced by those costs), but also reduced by your basis in the property (i.e., your purchase property plus any improvements).



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Thanks for allowing me to be of service to you. Please be
aware that the information provided here is not legal advice. Rather it is
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