Expert Q&A

On the sale of a second home, are the sale proceeds taxes as income in the current year, or is the capital gain the only tax burden resulting from the transaction?


Related Topics: Taxes
Related Tags: Capital Gains, Selling a home, Taxes, Income Taxes
George Sleeman
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By George Sleeman - Tax Man To You, LLC
Answered over 2 years ago

Since the home is a capital asset, you would only have the capital gains to report on the schedule D. This is assuming that selling homes is not your profession.

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