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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2930
Experience:  IRS licensed Enrolled Agent and tax instructor
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Want to sell our vacation home for $600,000 buy a condo for

Customer Question

Want to sell our vacation home for $600,000 buy a condo for $480.000. How can we lessen or avoid capital gains. We have owned the home for 18 years.
Submitted: 7 months ago.
Category: Tax
Expert:  emc011075 replied 7 months ago.

Hi. My name is ***** ***** I will be happy to help you.

Unless the vacation home is a rental property and the condo will be used as rental (exchange one business property for another), than unfortunately no.

There's also principle residence capital gains exclusion (250K if single, 500K if married filing jointly), but to qualify, the vacation home must have been your principle residence for at least 2 out of 5 years prior the sale.

Expert:  emc011075 replied 7 months ago.

I see you read my respond. Do you have any questions? Is there anything else I can help you with today?