I just got divorced. My ex-husband kept the house and gave me the out of town condo. I have the kids. I didn’t want to move four hours away to the condo and disrupt the kids' lives any further, so I got a loan to buy a house in town. I am selling the condo to pay off the house. There will be a rather large capital gain on the sale since the value of the property has gone up in the last seven years. I know that if the condo was my primary resident, then I could do the tax free rollover thing, or I could say I had unforeseen circumstances and had to sell. There has to be a tax break out there somewhere to reduce my taxable gain for having to sell a non-primary residence to buy another residence. Can somebody help?
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