@Raastagurl1 the current rule when you sell your primary home is that there is no requirement to buy another / replacement home. You get taxed on the gain of the disposition of the home.
However, if you meet the following rules : 1. If at least one of you ( for MFJ ) owned the home for at least two years; 2. both of you have used the home as your main home for a total of 730 days with a look back of five years from the date of sale closing and 3. neither have availed of this exclusion during the last two years --- you can each exclude up to $250,000 of gain from taxation.
Does this help ?
