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    haydencjones's Avatar
    haydencjones Posts: 1, Reputation: 1
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    #1

    Mar 26, 2008, 04:27 AM
    Deferring capital gains taxes
    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's Avatar
    MukatA Posts: 7,110, Reputation: 176
    Tax Expert
    		  
    #2

    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
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