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Does the $250,000/$500,000 exclusion apply to my second home?

August 9, 2002


Subject:  Tax question
Date:  Fri, 19 Jul 2002
From:  Khoi

Dear Sir,

I saw your Web site and am interested in finding out more about your business and service. I have a tax question about residential property and wonder if you can help. I have a second home in the same city as my primary residence and I let my relatives live there for free. If I sell this second home, does the rule $250,000/$500,000 profit apply to it? Is my second home treated as a vacation home by the IRS even though it is in the same city and close to the first home? Thank you very much if you can answer.

Khoi

Answer

Date:  Wed, 31 Jul 2002

Hello Khoi,

No. The exclusion only applies to your principal residence, when you meet certain requirements I'm not going to detail here.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

Does the $250,000/$500,000 exclusion apply to my second home?

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