I sold my home as is for a total of $30,000 in 2019.
I accepted $10,000 down and financed the remaining balance at $500 per month which began on June 1, 2019. so for 2019 they paid a total of $13,500 and they will pay a total of $6,000 for 2020, $6,000 for 2021 and finally they will pay the remaining $4,500 in 2022.
This is the first and only home I owned with my diseased husband and the first and only home I've ever sold. All of the proceeds I have from this sale is being applied to the purchase of the home I purchased in 2019 with my current husband which we are purchasing which cost $255,000.
How do I report? Since this is the first and only home I and my first husband owned, can this be my tax free sale of a home? Or since all of the proceeds are needed to roll over to pay for my current home does that eliminate the tax burden?
Please advise.
Thank you for your help.
