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I sold a second home/Condo in 2017 and then purchase another…

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I sold a second...

I sold a second home/Condo in 2017 and then purchase another condo of higher value in 2017, do I need to pay taxes on profit.

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Purchased the first condo in 2015 for 69,000., sold it for 103,000 in 2017. Purchased another condo for 113,000 in 2017. Do I need to pay on profit even if it wast reinvented.

Submitted: 2 months ago.Category: Tax
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3/31/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,498
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

Yes, you do have to report the profit from the sale of the first home unless the condo was your primary residence for at least 2 years OR if you completed a 1031 exchange as part of "like-kind," exchange.

Please let me know if this has answered your question or if you have any additional questions.

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Customer reply replied 2 months ago
This condo is a second home and not a rental. It was a second floor walk up and I needed a ground floor or an building with elevator because of knee problems that developed.
This was a like kind exchange but price was higher.
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

Second homes generally do not qualify for like kind exchanges.

If you used a qualified intermediary the Internal Revenue Service (IRS) uses requires that you use Form 8824 to report like-kind exchanges.

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

To accept the answer please click on three stars or more.

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Customer reply replied 2 months ago
Have not received a call after payment was made!
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

The status is stating the payment failed

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 2 months ago

Please let me know if this has answered your question or if you have any additional questions.

When you have no further questions a positive rating of 5 stars is much appreciated.

Thank you!

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