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I have a tax law question. It is an IRS related question. If

Customer Question
you sell your house in...
I have a tax law question. It is an IRS related question. If you sell your house in 2014 for a profit. basically you made a capitol gain on it. How long do you have to buy a new house without getting hit with a tax bill. could you check with what the irs law is on this.
Submitted: 1 year ago.Category: Tax
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Answered in 3 minutes by:
1/4/2016
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

I would be happy to advise you on the law for selling your house. If this was your main home for at least 2 years out of the last 5 before you sold then you can exclude up to $250,000 of the gain if single and up to $500,000 of the gain if you are married filing joint.

That comes under IRC 121.

The need to replace your home with another was changed some years back. You used to have to do that and then adjust your basis in the replacement house but no longer.

As long as this was your main home if it was not then let me know.

After you view my response, please post if you need more information or if you need no further clarification a positive rating is appreciated.
I know rating takes an additional step and I truly appreciate it when you take the extra time!

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Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
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Experience: 15years with H & R Block. Divisional leader, Instructor

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