Legal Question in Tax Law in Wisconsin

Capital Gains on Principal Residence
Hi,
If my wife and I have two homes, are there any circumstances under which both homes can be exempted from capital gains tax if sold in the same year?
I work in Green Bay, WI and spend most of the week days in our Green Bay home. My wife and kids live in our Milwaukee home (where the kids go to school). Hence the two homes.

Thanks!

Asked on 7/12/02, 1:54 am

Thomas Schober Schober Schober & Mitchell, S.C.

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Re: Capital Gains on Principal Residence

The law does not permit you to avoid gain on two

residences, as you contemplate. Establish and

document the one avoiding the larger gain as your

personal residence to take advantage of the least

tax.

Answered on 7/12/02, 11:23 am

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