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Guido Merkens
LSU Fan
Member since Mar 2006
4243 posts

Tax Question - Home Sale

I purchased my home in 2005 for $207,000 and sold it in 2022 for $350,000, and am renting while my son finishes high school.

What tax implications am I facing if I don’t buy another house this year? Or does it not make a difference?


CherokeeTiger
Member since Jan 2011
570 posts

Assuming it was your personal residence, it makes no difference and you won’t owe any taxes on the sale. Gain on the sale of your personal residence is exempt up to $250K if single or $500K if married.


Guido Merkens
LSU Fan
Member since Mar 2006
4243 posts

Thanks so much!!


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