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Message
Capital gains on real estate sale....
Posted on 1/30/22 at 9:24 pm
Posted on 1/30/22 at 9:24 pm
I've lived in my home for 5 years as primary residence. I file as head of household (single). If I sell my home, it is my understanding I will not pay cap gains tax on the first $250k of profit. Am I understanding that correctly?
I can save the profit and not purchase a new home right away without fear of the IRS calling for part of that profit?
I can save the profit and not purchase a new home right away without fear of the IRS calling for part of that profit?
5
Posted on 1/30/22 at 9:47 pm to Tiger in Gatorland
I believe that is correct
Posted on 1/30/22 at 11:10 pm to Tiger in Gatorland
You can also deduct any home improvement to lower the tax implication
Posted on 1/30/22 at 11:43 pm to Tiger in Gatorland
No requirement to buy a new home on the tax exemption for primary residence. And you only have to live in it 2 of last 5 years.
Posted on 1/31/22 at 9:47 am to Tiger in Gatorland
you are correct.
Posted on 1/31/22 at 11:44 am to Tiger in Gatorland
Yes
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