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Tax Question - Home Sale
Posted on 6/29/22 at 2:02 am
Posted on 6/29/22 at 2:02 am
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?
What tax implications am I facing if I don’t buy another house this year? Or does it not make a difference?
1
Posted on 6/29/22 at 5:02 am to Guido Merkens
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.
Posted on 6/29/22 at 5:39 am to CherokeeTiger
Thanks so much!!
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