Sold a House

[Lis2015]

I sold a house, if I pay my existing house, where I live with the earnings from the other house I sold. Will this be tax exempt? 

[VolvoGirl]

No.  It doesn't matter what you do with the sale profit or proceeds.   The old rule about rolling it over to a new house stopped in 1997.  

The new rule is,   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.

[conniem123]

You may not report a like-kind exchange for your home, which is personal property.

Most home sale profit now is tax-free.  Here is a great resource.

Selling a Home 

I hope this information is helpful!