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New Member
posted May 31, 2019 10:32:04 PM

I sell my home and buy an rv to live in full time can I use that as an investment of the capital gains

I am selling my home for $80000 and bought an RV to live in full time for $40000

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1 Best answer
New Member
May 31, 2019 10:32:06 PM

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...

3 Replies
New Member
May 31, 2019 10:32:06 PM

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...

New Member
Apr 19, 2022 2:45:08 PM

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?

Level 15
Apr 19, 2022 3:18:20 PM

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.