2nd home sale
my wife and I own two homes. 2nd home in Florida. If she ownes
the primary home and I own the second could I sell the 2nd home,
could I sell the 2nd home and buy
another at equal cost and not pay
no taxes?
Re: 2nd home sale
The IRS allows an exemption only on your "main" home. If you live in two homes, the main home is the one in which you reside the majority of the time, or have the most direct connection with (i.e. drivers license and tax returns reflect the address).
If you need additional information on this matter, you might want to look at IRS Publication 523, available at www.irs.gov.
Good luck to you.
