That is what I suspected. Thanks for the help.

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bearphillips[at]gmail.com posted:

- quote -

No.

The only conceivable reduction in capital gains for this
circumstance would be if you retained some of the land for
building your second home .. but that would also involve a
reduction in the proceeds.

Bill

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<bearphillips[at]gmail.com> wrote:

- quote -

No. See IRS Publication 550.

--
Phil Marti
Clarksburg, MD

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I have owned a piece of vacant land for over 7 years. It
has gone up in value about 100K. I would like to sell the
vacant land and use the proceeds to buy a second home. The
second home will be for personal use (no rental).

Would reinvesting the money in a second home in any way help
with capital gains taxes?

thanks

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >