Capitol gains tax?
If my wife and I sell our house to buy an RV with the profits and become full timers, are the profits still subject to capitol gains or is the purchase of the RV considered a home?
Forum Discussion
The best advice is to see a tax adviser. Having said that, an RV qualifies as a home if it meets the criteria as stated by monkey44. Also, buying another home, S&B or RV, can only be deducted from the profit of the one you sold for tax purposes if it's cost exceeds the sale price of your previous one. Assuming the one you sold was more than the RV you're buying, there is no credit. The $250,000 single/$500,000 joint applies. Again, see a tax adviser for the latest and correct info.
