Hello, my husband and are selling our home and purchasing a new one at the same time. We have only had our home for 1 year and 7 months and want to put all sale profits into the purchase of the new home. We out grew our current home and are starting a family. I was told to ask a accountant if we would get taxed on the gains of the sale at the end of the transaction since we’ve lived in the home for less then two years.
Are there any exemptions to not getting tax since we are upgrading the size of the home and putting the money into the new home purchase?
