What is the name of your state (only U.S. law)? Indiana
I am trying to understand the capital gain law on this situation:
I had purchased my current home in Sept06 and had yet to sell my other home at time of purchase. I put my other home up for sale and had no luck after a couple of months. I agreed to a Lease Option to Purchase starting in Nov06. The lease Option to Purchase is now approaching the 2 year mark and possible default. My question is if I sale my non-resident home now after 2 years will I have to pay capital gains? My intentions was to apply proceeds of my first home toward my current home. Will I still be able to do this?