I have just sold my home and have made a profit on the sale. How long do you have to buy something else before you have to pay Capitol gaines tax?
Nothing. Just getting info now.
Hi, and thanks for using Just Answers. Can I ask how long did you live in your home?
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If you have lived in your home for at least two of the last five years (and the two year period doesn't need to be consecutive) you qualify to exclude up to 250,000 of gain or 500,000 dollars of gain if you file joint tax returns. This rule is called Section 121 of the Internal Revenue Code. Even if the time lived in the home was under two years, there may be exceptions that apply.Please let me know if you have any other questions. If this answers your question, please click accept.
Enrolled Agent with 8 years experience in tax return preparation, representation, and taxpayer consultation