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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15299
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: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


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 1 year ago.

Checking to see if you responded