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TaxRobin, Tax Preparer
Category: Capital Gains and Losses
Satisfied Customers: 15302
Experience:  15+ years in Tax preparartion as well as Instructor for tax law, theory, and application
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I am a widower sold my house in california moved to florida

Customer Question

i am a widower sold my house in california moved to florida how much time do i have
to reinvest my gains and how will my gains be taxed
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  TaxRobin replied 1 year ago.
HelloIf the house you sold was your main home for at least 2 years of the last 5 prior to sell you can exclude up to $250,000 of gain. Reinvesting the money in a new home is not a part of the tax position.Many years ago the basis of the new home was effected but all that changed more than 20 years ago.Now you sell, you use the exclusion (if your main home) , and pay tax if applicable.The gains that you can not exclude are taxed based on your total income. The rate could be 0%, 15%, or 20% if long term held property (more than one year).Please remember to rate my service once you have all the information you need. If you have any other questions, please ask me – I’ll be happy to respond. Thank you!