Jeffrey M. asked
My husband and I, both 79 years old, sold our vacation home which we used for 38 years. My husband has a brain tumor and a permanent disability, and we have an irrevocable trust with our primary residence. Our accountant says IRS Form 523 does not clearly state that it applies to a second home. How can I ensure we can use Form 523 to avoid capital gains on the sale of our vacation home?
August 29th, 2023
Jonathan L. answered
When selling a property, the gain is calculated by subtracting the adjusted basis (purchase price pl...
August 29th, 2023
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