Ask Experts Questions for FREE Help!
 
Free Answers in 3 Easy Steps

Register Now		 3 Steps
 
Ask QuestionsprogressAnswer QuestionsprogressBuild ReputationprogressBecome an Expert
 
At Ask Me Help Desk you can ask questions in any topic and have them answered for free by our experts. To ask questions or participate in answering them you must register for a free account. By registering you will be able to:
  • Get free answers from experts in any of our 300+ topics.
  • Accept money for answers that you provide.
  • Communicate privately with other members (PM).
  • See fewer ads.
  Answer this Question    Ask about Taxes    Ask about another Subject  
 
PDA

haydencjones
Mar 26, 2008, 04:27 AM
I am about to sell a beach condo (I have never rented it) and will have a capital gain. If I buy another 2nd home of greater value, can I defer the capital gains taxes? I may later sell my primary residence and move into the 2nd home as a retirement home.
MukatA
Mar 26, 2008, 05:31 AM
Are you taking about the US taxes? In the US, there is no concept of deferring the gain.

You can exclude gain of up to $250,000 on your main home or second home.
Read: Your U.S. Tax Return: Profit From the Sale of Your Home (http://taxipay.blogspot.com/2008/03/profit-from-sale-of-your-home.html)