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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: 19 days ago.Category: Tax
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3/31/2018
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 19 days ago
Chad EA, CFP ®
Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional
Category: Tax
Satisfied Customers: 2,138
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 19 days 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 19 days 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 19 days 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 19 days ago

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

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Customer reply replied 19 days ago
Have not received a call after payment was made!
Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 19 days ago

The status is stating the payment failed

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Tax Professional: Chad EA, CFP ®, CERTIFIED FINANCIAL PLANNER TM, Professional replied 19 days 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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