We just sold a rental property (Jan. 2008) that we had for seven years. One of those years we actually lived in it. We realized a gain of 65K. We also sold a home we lived in for 6 years and bought a home in Sept. 2007. We did not realize much of a gain from that sale and rolled it into the new purchase along with additional funds. What is the best way to avoid capital gains tax on the 65K? The new home we bought and live in needs major improvements; windows, doors, etc. Can we roll the gain into this existing mortgage to minimize taxes? E-gads! Is there any way to take a partial exclusion?
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