Sold a House

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I sold a house, if I pay my existing house, where I live with the earnings from the other house I sold. Will this be tax exempt?

VolvoGirl

Level 15

No. It doesn't matter what you do with the sale profit or proceeds. The old rule about rolling it over to a new house stopped in 1997.

The new rule is, For a primary home, if you owned and lived in your house for 2 out of the last 5 years when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax. You can not take a loss on your tax return.

conniem123

Alumni - Intuit

You may not report a like-kind exchange for your home, which is personal property.

Most home sale profit now is tax-free. Here is a great resource.

Selling a Home

I hope this information is helpful!

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Sold a House

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