Capital Gains Tax on Rental Property and Primary Residence Sale?

Question by Nancy E: Capital Gains Tax on Rental Property and Primary Residence Sale?
In 1987 my ex husband and I purchased a home in GA. One year later he joined the military and we moved and the home has been a rental property. I foolishly paid extra on the mortgage, not knowing at the time that this would increase my capital gains tax. Now, divorced I purchased my ex’s interest in the Ga home and I purchased a home in Maryland in 2004 and may be relocating to Virginia in Dec 2008. Are there any loopholes that would assist in lowering the capital gains tax on the GA home? I thought of refinancing the loan to a higher amount but I’m sure that would not work as easily as it sounds. Also, would selling both homes and relocating to VA help in any way? I read something that said if a second home was sold in combination with a primary residence then used to purchase another home, there COULD be a loophole for some… Thanks!

Best answer:

Answer by Onestep downfrom God
Post this in the USA and you might get an answer.

What do you think? Answer below!

Dereg Gains In S.C., Virginia.(insurance industry deregulation in South Carolina and Virginia)(Brief Article): An article from: National Underwriter Property & Casualty-Risk & Benefits Management

Dereg Gains In S.C., Virginia.(insurance industry deregulation in South Carolina and Virginia)(Brief Article): An article from: National Underwriter Property & Casualty-Risk & Benefits Management

This digital document is an article from National Underwriter Property & Casualty-Risk & Benefits Management, published by The National Underwriter Company on March 13, 2000. The length of the article is 539 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Dereg Gains In S.C., Virginia.(insurance industry deregulation in South Carolina and Virginia)(Brief Article)
Author: David M. Katz
Publication: National Underwriter Property & Casualty-Risk & Benefits Management (Magazine/Journal)
Date: March 13, 2000
Publisher: The National Underwriter Company
Volume: 104 Issue: 11 Page: 2

Article Type: Brief Article

Distributed by Thomson Gale

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