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Lis2015
October 27, 2021
Question

Sold a House

  • October 27, 2021
  • 2 replies
  • 0 views

I sold a house, if I pay my existing house, where I live with the earnings from the other house I sold. Will this be tax exempt? 

    2 replies

    VolvoGirl
    VolvoGirl
    October 27, 2021

    No.  It doesn't matter what you do with the sale profit or proceeds.   The old rule about rolling it over to a new house stopped in 1997.  

    The new rule is,   For a primary home, if you owned and lived in your house for 2 out of the last 5 years when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax.  You can not take a loss on your tax return.

    C
    conniem123
    October 27, 2021

    You may not report a like-kind exchange for your home, which is personal property.

     

    Most home sale profit now is tax-free.  Here is a great resource.

    Selling a Home 

     

    I hope this information is helpful!

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