I am selling my house after 22 years , do I have to capital gains or how long to reinvest ?

[DoninGA]

What you do with the gains from a home sale is no longer relevant.  The requirement to purchase another home at the same price or greater then the sale price of the prior home was removed from the tax code in 1997.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.

Gain or Loss = Sales Price (-) Sales expenses (-) Adjusted Basis (Purchase price plus the cost of improvements prior to the sale)

[Anonymous]

don't know if you ever took depreciation on the house, but if you did then part of the gain up to the depreciation amount is taxable