This past year I sold a primary residence home which I lived in for 36 years. I took the proceeds from the house sale, added a bit more, and bought a new home. Is it possible to defer the capital gains since I reinvested them for a new home?
Thanks in advance!
Buying a new home with the proceeds of the old home has been irrelevant since 1997.
If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)
If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).
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