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March 23, 2022
Question

Do I owe taxes on the sale of a home where a gain was realized if I bought a more expensive nome in the same tax year?

  • March 23, 2022
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1 reply

VolvoGirl
Employee
March 23, 2022

Maybe.  The old rule about rolling it over stopped in 1997.  Now it doesn't matter what you do with the proceeds.  But there is a new rule.

 

For a primary home, if you owned and lived in your house for 2 out of the last 5 years when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax.  You can not take a loss on your tax return.

 

If you sold your Main Home see,

https://ttlc.intuit.com/community/home-ownership/help/is-the-money-i-made-from-a-home-sale-taxable/00/25690