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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 14837
Experience:  15years with H & R Block. Divisional leader, Instructor
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I just sold my house ,000. I want to buy a house ,000 would

Customer Question

I just sold my house for 270,000. I want to buy a house for 200,000 would I have to pay capital gains on the different. I'm 66 years old.
Submitted: 10 months ago.
Category: Tax
Expert:  Robin D. replied 10 months ago.

Hello

You will not even have to report the sell if you owned and lived in this house as your main home for at least 2 years in last 5.

There is an exclusion of gain for your main home (the 2 year rule I stated) of up to $250,000 of gain if single and up to $500,000 of gain if joint filing.

Buying a new house is not in the rule just that the home you sell was used and owned by you for the 2 years.

If not then yes you pay capital gains tax on the amount you get over your cost.

You are required to rate in a positive way (Smiley Faces or Stars) so I am credited with responding.

Expert:  Robin D. replied 10 months ago.

Checking to see if you responded

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