Having a second home is a luxury that not everyone gets to experience, but for those that do, it can have its ups and downs.
Like nearly everything else in life that can be bought, there are pros and cons to owning one, as well as selling one.
As with the sale of any asset, it can come with taxes, paperwork, and more.
For many of us, this can be these aspects can be the stuff of nightmares, but it does not have to be that way.
The process can be straightforward and easy to understand, once you know the rules that govern it.
They are specific for this type of property, so it is important to be familiar with them if you own more than one home.
This is especially true if your second home has never been used for rental or investment purposes.
Keep reading for everything you should be aware of regarding capital tax gains on a second home.View More