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If you lived in the house two of the last five years, up to $250,000 ($500,000 if filing a joint return) in capital gain is exempt from federal income tax. There's no requirement that you purchase a replacement home.
Please follow this link for more information. https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Tax-Aspects-of-Home-Ownership--Selling...
If you lived in the house two of the last five years, up to $250,000 ($500,000 if filing a joint return) in capital gain is exempt from federal income tax. There's no requirement that you purchase a replacement home.
Please follow this link for more information. https://turbotax.intuit.com/tax-tools/tax-tips/Home-Ownership/Tax-Aspects-of-Home-Ownership--Selling...
What if you lived in the home 1 year or less but want to reinvest house revenue from the home into the RV as your primary living?
If you cannot use the personal residence exclusion on the sale then what you do with the proceeds is irrelevant to the capital gain you have on the personal residence.
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