Capital Gains
Posted: Wed Mar 11, 2009 5:01 pm
I hope I can put this to words what I need to know...so here goes.
Evidently I'm no CPA or I wouldn't be asking, but perhaps someone out there is more knowledgeable.
I know that an RV is considered a 'second home', right? (And when you file your taxes you can write off the interest if you are making payments). But when a person sells their stick home, you pay capital gains taxes on that income unless you turn around a reinvest in another home. Is that correct? If so, is purchasing an RV considered 'another home' so capital gains taxes can then be diverted?
I may be way behind the times and perhaps capital gains has been done away with now.....
Was that clear as mud?
Evidently I'm no CPA or I wouldn't be asking, but perhaps someone out there is more knowledgeable.
I know that an RV is considered a 'second home', right? (And when you file your taxes you can write off the interest if you are making payments). But when a person sells their stick home, you pay capital gains taxes on that income unless you turn around a reinvest in another home. Is that correct? If so, is purchasing an RV considered 'another home' so capital gains taxes can then be diverted?
I may be way behind the times and perhaps capital gains has been done away with now.....
Was that clear as mud?