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We are selling a second home and we would like to use the proceeds for home improvement at our primary residence. Are we still required to pay taxes on the proceeds?


ANSWER


The BIDaWIZ Team's Answer:

Even though you are putting the proceeds of the sale of your second home towards your first home, they are still treated as separate transactions. You will still be subject to capital gains tax on your second home.

The BIDaWIZ Team

 

 

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