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If I sell my 2nd home and do not purchase new one, when do I pay capital gains tax?

  • October 07 2009 - Bloomingdale
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Answers (2)

Best Answer

Here's the IRS link regarding capital gains.

I would definitely get the advice of a tax professional BEFORE selling your second home. A 1031 exchange is best handled before selling. Once you have sold, it becomes more problematic. And of course with a 1031 exchange you have to buy another property.

http://www.irs.gov/newsroom/article/0,,id=106799,00.html
  • October 07 2009
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Profile picture for wetdawgs
This is something you should discuss with a tax CPA.

Usually it is fine to wait until you do your taxes for the year, but not always. This is why a tax professional will be able to evaluate your situation and provide advise tailored on your unique circumstances.
  • October 07 2009
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