We want to sell our home of 30 years and build a home on a lot we own. I just want to confirm there is no requirement to buy another home to take the sale exclusion, which in our case will be $500,000 for a married couple. I know there is a 2 year window to buy another home if you want to, but we don't want to.
I just want to make sure I understand our financial picture clearly before we enter into a contract to build. Thanks for your help!
