Capital Gain On Second Home
Hi all,
On the same topic (tax exclusion on capital gain), I have a specific question.
I own a second home where my siblings are living free of charge. The house is 4 hours from my primary residence, so I only go there to visit my siblings occasionaly. However, I pay the mortgage and all other charges related to the home. I have had the home for more than 3 years.
Am I eligible for tax exclusion on the capital gain when I sell the house (considering that it is not my primary but my secondary home)?
No, this is not your primary residence. The sale of your second home is a taxable event.