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Deductions & credits
@ftovar21 - one has nothing to do with the other. The rules you are referencing went out the window 25 years ago. The fact that you sold your home makes you subject to potential capital gains tax. Whether you are going to buy another house or not is immaterial.
How much was the capital gain on the home you sold?
Did you live in the home at least 2 of the past 5 years? you get an exemption of $250,000 ($500,000 if filing joint) from capital gains if you meet this requirement
‎November 18, 2022
3:19 AM
909 Views