Home Buying in 19103>Question Details

Kelly H, Both Buyer and Seller in Philadelphia County,...

Are there tax/cost benefits to trading a house/condo vs typical buying/selling transaction?

Asked by Kelly H, Philadelphia County, PA Sun Mar 29, 2009

Are trades subject to the same tax implications (capital gains beyond exemption, transfer tax, etc) and closing costs? Pls explain.

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Carl M. Caldas’ answer
It enables you to defer the capital gains tax . However it strictly applies to investment or business properties. There is a usage test in the contract they may be able to apply to vacation or second homes.

Carl Caldas
CITYSPACE
2220 Walnut St.
Philadelphia, PA 19103
215-625-3650
0 votes Thank Flag Link Wed Sep 22, 2010
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