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Need Help - House Sale / Capital Gains Question
Posted on 5/20/15 at 7:40 pm
Posted on 5/20/15 at 7:40 pm
Just sold house for $220,000 (had paid $150,000). Buying new house for 217,500. Will I take a capital gains hit on the $70,000 profit? I plan to put $42,000 down on the new house, and will spend the remainder on upgrades and repairs.
Thank you in advance for your help.
Thank you in advance for your help.
2
Posted on 5/20/15 at 7:44 pm to sertorius
If you lived in the house over two years, you likely will not have tax consequence. The fact that you bought another house has no affect anymore.
Posted on 5/20/15 at 10:02 pm to sertorius
1031 exchange
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