Please read your loan papers if you think there is something in your loan that says you are not supposed to move.
Did you purchase the house as part of some sort of program that requires you to live in the house yourself for some specified period of time? Like---are you a law enforcement officer who got a good interest rate to live in the neighborhood?
Is your whole family moving out too? Or will they be staying in the house that you own? Are you planning to rent it to someone or charge rent to the family members who still live there? Is there something in the mortgage papers you signed that says you cannot sell or move out (that would be very unusual)? Really...you are not even asking a tax question and we answer income tax questions here.
Income tax-wise ---- here is some information on what happens if you sell the house:
SALE OF HOUSE
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).
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
