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Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 54021
Experience:  32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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If my husband and I sell our home and have capital gains of

Customer Question

If my husband and I sell our home and have capital gains of 1,800,000 how many months to reinvest in real property to avoid capital gains tax?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Richard replied 1 year ago.

Good afternoon. My name is ***** ***** I look forward to helping you.

The rules were changed a number of years ago regarding avoiding capital gains by re-investing the proceeds from sale. That was replaced by Section 121 of the Internal Revenue Code whereby if you lived in the property as your principal residence at least 2 years out of the 5 years prceeding the sale, you can exclude up to $250,000 ($500,000 when married as in your case), of the gain. Any excess is subject to tax whether or not you reinvest the proceeds.

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