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Question

Capital Gains for a Home Down Payment

Forum|Forum|2 years ago
April 2, 2024
2 replies
0 views

Hi,

I sold stock in 2023 (and received capital gains) to fund a down payment on my first house. I did not however seem to receive any tax benefit (for the home purchase) and instead paid a significant federal tax on the capital gains. I thought I would receive some breaks since the money was used for a home down payment?

thanks

Sorry---there are no credits or deductions for making a down payment on a house.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Are you confusing that with the "old" law that allowed people to avoid capital gain tax if they sold a house and reinvested in another house? That tax law changed in 1997.

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**