can the sale of a second home qualify for a 1031 exchange?

Forum|Forum|5 years ago
July 12, 2020
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Best answer by qbteachmt

Can the WA excise tax be deducted as a Real Estate tax on Schedule A?

Thanks,

wadams37

It's not a property or sales tax. As a cost of selling, it would reduce the gain on the property.

Accountant-Man

Level 13

Assuming that you called it a second home because it is not a rental, no.

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W

wadams37Author

Level 2

It was a second home used for personal family use, and never a rental. They have an approximate LT capital gain of $90,000. So I just report the transaction on Sch D? They never received a 1099-S or 1099-B since the home was located in WA state and they are residents of CA.

Will the state of WA also tax the income because CA surely is??

Thanks,

wadams37