Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

I want to buy a vacation home, but first must sell my

Customer Question
present vacation home which is...
I want to buy a vacation home, but first must sell my present vacation home which is in a slow market (i.e., it may take two years to sell). Are there tax consequences if I can effect a trade of properties with or without boot being paid by either party?
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 3 minutes by:
1/22/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,852
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified

Hello

If you trade your vacation home for another property, no cash just properties, then you will have to report the sell and if the other property is valued higher than your property, you will pay tax on that gain.

The sale price will be the value of the property you receive and the difference in that and your cost (plus improvements) will be gain or loss. If loss you cannot use it because it is personal use property. If gain you pay tax. No exclusion of gain on a vacation home.

After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.
I know rating takes an additional step and I truly appreciate it when you take the extra time!

Ask Your Own Tax Question
Tax Professional: Robin D., Senior Tax Advisor 4 replied 2 years ago

Please advise if you need more information about using the method you asked about to replace your vacation home.

It is usual to post a reply.

Ask Your Own Tax Question
Was this answer helpful?
Ask Robin D. Your Own Question
Robin D.
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,852
17,852 Satisfied Customers
Experience: 15years with H & R Block. Divisional leader, Instructor

Robin D. is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

17,852 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
Selling a 2nd home that is held as personal property. 2nd
Selling a 2nd home that is held as personal property … read more
abci168
abci168
Principal
27 satisfied customers
For back taxes for a family of 4 and only person working (
For back taxes for a family of 4 and only person working ( self employed) . We did not go with obamacare, how does that work when doing your back taxes for 2015 and defendants when do dealing with ded… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,232 satisfied customers
Tax question. Married Couple sells their rental property (a
Tax question. Married Couple sells their rental property (a single condominium) for a gain. They file separately and live together. Over the years they have realized Schedule E losses but could not ta… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,232 satisfied customers
I personally own 25 rental properties and was told to divide
I personally own 25 rental properties and was told to divide them up into maybe 8 LLC's with my children having a fractional interest. This would provide me the best protection from creditors getting … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Helping a person filling his taxes for 2011, trying to
helping a person filling his taxes for 2011, trying to determine if he has nol that he can carry foward. purchaed building in2001 sold in 2011. trying to get him caught up on his tax returns. … read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,027 satisfied customers
Tax refunds was sent to the wrong account,person contacted
Tax refunds was sent to the wrong account,person contacted admitted receiving money how do I resolve this. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Are property taxes on a first and second home tax deductible
Are property taxes on a first and second home tax deductible in the same year on schedule A?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
If I paid property taxes $1000 for my mom's property can I
Hi.If I paid property taxes $1000 for my mom's property can I deduct that expense? I also claim my mom as a dependent.Thank you.… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If a person did not file income tax for 4 years and then
If a person did not file income tax for 4 years and then passed away, can the taxes be legally filed after death? … read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,495 satisfied customers
If a person purchases an investment property in florida, can
if a person purchases an investment property in florida, can they purchase a private home for themselves and designate a portion to an office to run the investment property from, 6 months out of the y… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,232 satisfied customers
I sold my personal property after my wife's death. some was
I sold my personal property after my wife's death. some was sold thru Ebay from which i received a 1099K, these were all belongs and collections that my wife and purchased in our 30 yr. marriage. Do i… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Tax Question, Who can claim property taxes for a property
Tax Question, Who can claim property taxes for a property during the year of divorce on schedule A as an itemized deduction? This is for a community property State, but couple was divorced during the … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,232 satisfied customers
If I move my rental properties from my personal return to a
If I move my rental properties from my personal return to a 1065 partnership, how is the basis calculated?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
2,232 satisfied customers
I inherited personal property which i donated to charity.
i inherited personal property which i donated to charity. Can i claim on my tax return? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
If I sell Rental property that I own personally (sch E) and
If I sell Rental property that I own personally (sch E) and place it in a partnership and use a 1031 exchange to do so?… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
What is it call when a person does not own your property but
What is it call when a person does not own your property but they pay the taxes and live on your property for over 5-years and then they go into court as ask that the title to my property be put in th… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
SC Business Personal Property Tax If a business is based in
SC Business Personal Property Tax If a business is based in Charleston SC does the county require a business personal property tax listing completed each year? Thanks, JW… read more
Robin D.
Robin D.
Senior Tax Advisor 4
17,852 satisfied customers
In CT they have a tax on personal property in addition to
In CT they have a tax on personal property in addition to real estate property tax. What is the personal property tax on boats? is it the same percentage as a car? also do they tax all personal proper… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,119 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x