Taxes on sale of vacation home
I owned a vacation home for 20 years. It is not my primary residence. In early 2021 I contracted for a new vacation home to be built. Due to Covid there were numerous delays and the new house was not finished until November 2022. The new house is also not my primary residence. I placed the old house on the market as soon as the new one was finished. The old house sold in January of 2023. Both the old and new house are held in a revocable trust. Do I have to pay capital gains on the sale of the old house or can I roll over the gain into the new house?
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