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happycamper3071 | Do I pay taxes on my gain on my home? |
Ive lived there for 6 years. im selling and walking away with about $100,000. I am planning to buy a new home right away in another state. Do I have to pay taxes on the money if I buy a new home right away? And what if I only put $50,000 down on the new house, do I pay taxes on the other $50,000? Thanks.... |
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PepsiLime
 |
Here's what the rules currently are for sale of your house.
If you live in a house as your primary residence for 2 out of the last 5 years, you can shelter capital gains up to $250,000 if single, and $500,000 if married. It doesn't matter if you don't buy a replacement residence or not.
I've attached links regarding sale of primary residence |
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ninasgramma
|
If you lived in the house for 6 years and did not use it for business purposes, the $100,000 is tax-free. There are no reporting requirements for your tax return. Just keep the records of the sale in case there is a question (which is unlikely).
The $100,000 is tax-free regardless of whether you purchase another home, or whether you use any of the money as a down payment. |
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MukatA
 |
You can exclude up to $250,000 of the gain on the sale of your main home if all of the following are true.
* You meet the ownership test. (During the 5-year period ending on the date of the sale, you must have owned the home for at least 2 years).
* You meet the use test. (During the 5-year period ending on the date of the sale, you must have lived in the home as your main home for at least 2 years).
* During the 2-year period ending on the date of the sale, you did not exclude gain from the sale of another home.
If you can exclude entire gain from the sale, then you don't need to report this on your tax return. This exclusion is valid even if you don't buy a new house.
Enjoy, you have tax free income. |
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Deliah
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Hesterthehester you are living in the dark ages and totally WRONG! |
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Judy1
|
The rules changed quite a few years back, and you no longer have to put the money into a new home to defer the taxes - buying a new home no longer has anything to do with whether any tax is due on the sale of the old home. In fact, it got a lot better - now you don't just defer the taxes to later, you don't have to pay them at all if you meet certain rules.
You have to have lived in the house as your main home for two of the five years immediately before the sale, and owned it for two of those same five years. You can exclude up to $250,000 of gain ($500,000 on a joint return) from being taxed. So doesn't sound like you'll owe anything. |
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Dr. Deth
 |
no - you can get 250k in tax free capital gains every 2 yrs. You just have to live in house for 2 of 5 most recent yrs, which you did - Down payment is irrelevant, it's the net sale price of old home compared to total price of new home. |
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meandnadine
 |
Dr Deth gave you the correct answer. |
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ppp
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Ignore PJ's answer. His answer is a bad one since he gave me a crap answer and he is one of those ******** assholes in the world. |
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Ralfcoder
 |
I THINK that you don't have to pay any taxes on the gain as long as the new house is of equal or greater value, even if you don't put all of the proceeds of the sale towards the purchase of the new house. But check with the IRS or a tax attorney or a CPA for the details. Here's a couple of links that may prove handy. I found the 1st link by using the search function at the top right on the 2nd page. |
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hesterthehester
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You need to pay taxes on the profit that you don't re-invest in the new home.
-HtJ |
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