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I own a home with sibling we have lived in for 8yr. Pd $124K. If sell house for $200K. $80K profit. Do we each have to buy a house of $200K so not pay capital gains tax?
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There is no longer any "roll over" provision in the income tax code that allows you to defer capital gain on the sale of your home; that was abandoned long ago. Instead you are now allowed, if you are single, to exclude capital gains of up to $250,000 when you sell your home, paying no capital gains tax.
https://www.irs.gov/taxtopics/tc701
Tom Young
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