Selling Vacation Home

Expert, localized Los Angeles answers provided by Heather Roy

Selling Vacation Home
	Edith: In the four years we have owned our vacation home, property values have increased significantly in that area.If we sell our vacation home and buy another more expensive vacation home, can we transfer any profit to the purchase of the new vacation home without income tax consequences?

	Unless you've used it as rental property, there's no rollover provision for the sale of a vacation home.These days there isn't any such tax treatment for the sale of one's primary residence either. But your sale will qualify for favorable long-term capital gains treatment, at no more than 15 percent on your federal return.
	Edith Originally published on April 24, 2005

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