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Capital gains question regarding housing
Old 07-31-2006, 04:48 PM   #1
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Capital gains question regarding housing

Situation is we own a vacation house. Our primary residence is a rented place for various reasons. Would we take a captial gains hit if we sold the vacation house to purchase a home to live in?
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Re: Capital gains question regarding housing
Old 07-31-2006, 07:01 PM   #2
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Re: Capital gains question regarding housing

Quote:
Originally Posted by Mwsinron
Situation is we own a vacation house. Our primary residence is a rented place for various reasons. Would we take a captial gains hit if we sold the vacation house to purchase a home to live in?
The only way to exclude gains up to the joint exemption of $500,000 is if the house is your "principal residence." Here are the regs that sort of define principal residence: http://www.irs.gov/pub/irs-regs/td9030.pdf
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Re: Capital gains question regarding housing
Old 07-31-2006, 07:14 PM   #3
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Re: Capital gains question regarding housing

Thanks I was hoping for some loophole I missed.
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