Let’s say you are selling your vacation home, which you use for personal purposes and also rent out to third parties. A pretty common setup. If you buy a new vacation home, can you defer the recognition of your gain on the sale? If so, how? To find out, we asked Bruce Bell, an attorney at the Chicago office of Schoenberg Finkel Beederman Bell Glazer.
Larry Light: How does this work tax-wise?
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