A client comes to you discussing the sale of their vacation home. They purchased the...
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A client comes to you discussing the sale of their vacation home. They purchased the property in and have used it for personal vacations. They are hoping to minimize their tax burden when they sell. What are the tax implications for your client selling their vacation home? They can claim the full Section exclusion of up to $ in profits They can transfer the property for a new residence using Section They can avoid capital gains tax entirely by immediately converting the property to their residence and selling it days later They will owe capital gains taxes on the portion of the profit corresponding to the time the property was used as a vacation home
A client comes to you discussing the sale of their vacation home. They purchased the property in and have used it for personal vacations. They are hoping to minimize their tax burden when they sell. What are the tax implications for your client selling their vacation home?
They can claim the full Section exclusion of up to $ in profits
They can transfer the property for a new residence using Section
They can avoid capital gains tax entirely by immediately converting the property to their residence and selling it days later
They will owe capital gains taxes on the portion of the profit corresponding to the time the property was used as a vacation home
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