I have owned a piece of vacant land for over 7 years. It has gone up in value about 100K. I would like to sell the vacant land and use the proceeds to buy a second home. The second home will be for personal use (no rental). Would reinvesting the money in a second home in any way help with capital gains taxes? thanks
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No. See IRS Publication 550.
-- Phil Marti Clarksburg, MD
No.
The only conceivable reduction in capital gains for this circumstance would be if you retained some of the land for building your second home .. but that would also involve a reduction in the proceeds. Bill
That is what I suspected. Thanks for the help.
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