Capital Gains Deferment - Posted by Al

Posted by JHyre in Ohio on January 02, 2002 at 16:17:41:

None that I can think of, sorry.

John Hyre

Capital Gains Deferment - Posted by Al

Posted by Al on January 02, 2002 at 11:41:14:

I posted this before in the Main News Group and was advised to post it here. I would appreciate any response. Thanks.

I bought my first primary home in 1991, converted it to rental property in 1994, and just sold it in Aug 2001 with a huge capital gain because of the depreciation I’ve been taking since 1994.

I have my second primary home since 12/99 that I vacated since August 2001 because I had to move out of state. If I sell it now, I would suffer a huge loss because the market in the area has been down. So, I’m thinking of renting it out.

Is there a way I can rollover the capital gain from the sale of my first-home-converted-to-rental-property into this second home that I am converting to a rental property?