Home Sale, but not yet a purchase

Forum|Forum|2 years ago
October 25, 2023
1 reply
14 views

Hi.

We sold our home in Ohio and moved to Utah. However we haven't yet found a new home in Utah and are renting while we search. Will there be any tax consequences because we haven't re-invested into a home with the proceeds yet?

Ask the Experts - Extension - Sept 2023

JanetB21

Employee Tax Expert

Hello zornmela2,

Thanks for joining the event!

You do not need to invest in a new home to avoid a tax bill on the sale of a primary residence.

The sale of a primary home can be a taxable event depending on the length of time you lived in the home, and the amount of money you profited. This article discusses the particulars:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/personal-income-taxes/money-made-home-sale-taxable/L17WWqsy5_US_en_US

Good luck in your new state!

JanetB211

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