Home Selling in 10003>Question Details

Zip, Home Seller in Collingdale, PA

how does capital gains on your first home work if you buy a second home or vacation property?

Asked by Zip, Collingdale, PA Fri Jan 27, 2012

or if you sell the second property first, which is not primary , do i loose the capital gains savings on my primary home? Is the capital gains on first home sale tax free for the first five hundred thousand of gains?

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Answers

6
I am a mltiple property owner. You do not pay capital gains on your primary home unless you profit by more than $250,000 per deeded owner.

On secondary properties, you will pay capital gains which at this time is extremely low.

Do check with your CPA for further details.
1 vote Thank Flag Link Fri Jan 27, 2012
Zip,
As mentioned below, you absolutely want to ask these questions of your accountant.
0 votes Thank Flag Link Mon Jan 30, 2012
I don’t know why Gail got a “thumbs up” since her answer is incomplete and inaccurate!

Zip, get your tax advice from a tax professional and not a real estate professional.
0 votes Thank Flag Link Sat Jan 28, 2012
This is a tax question which your attorney tax professional or the IRS may be able to help you with! There is a lot of info on the IRS site and even some videos! Good luck!
Web Reference: http://irs.gov
0 votes Thank Flag Link Fri Jan 27, 2012
When it comes to any tax issues, it's in your best interest to consult with your tax professional and or tax attorney; he/she can best advise as it applies to you....
0 votes Thank Flag Link Fri Jan 27, 2012
Realtors are prohibited from giving LEGAL and TAX advice to clients.
We are Real Estate professionals, not Lawyers and CPA.
You need to contact a Tax Professional for your answer.

Good luck and May God bless
0 votes Thank Flag Link Fri Jan 27, 2012
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