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03-24-2018, 06:24 PM
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Sage
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Join Date: May 2011
Location: Caroline, Pennacamp, Fernandinia, Duval, Richmond
Posts: 10,408
Thanks: 33
Thanked 4,738 Times in 1,876 Posts
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Quote:
Originally Posted by BK001
As far as I know, since the Taxpayer Relief Act of 1997, you no longer need to buy another home to avoid the capital gains tax. Each person is eligible to exclude $250,000 ($500,000 for a couple) of profit from the capital gains tax.
Regardless I agree with you that many of us sold our homes and had ample cash to buy a home outright here in TV.
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Some of us own more than one home, So buying another vacation home works, to reduce capital gains
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