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January 30, 2025
Question

Does the profits of a home sale that are over $250K are used to purchase a new home deductible?

  • January 30, 2025
  • 1 reply
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Sold a home and used profits to purchase another home outright

    1 reply

    DoninGA
    Employee
    January 30, 2025

    How you use the gains from the sale of the residence is not relevant.

    Purchasing another home for the same price or greater then the sale price of the prior home to defer the gains was removed from the tax code in 1997.