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
No. See IRS Publication 550.
-- Phil Marti Clarksburg, MD
snipped-for-privacy@gmail.com posted:
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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