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moran-ryand
New Member

I sold my primary residence for profit, I rolled all of that profit in to a down payment for my new residence. Any tax breaks? Do I have to report it as Capitol Gains?

 
1 Reply
DMarkM1
Expert Alumni

I sold my primary residence for profit, I rolled all of that profit in to a down payment for my new residence. Any tax breaks? Do I have to report it as Capitol Gains?

It depends.  You may be able to exclude the gain on the sale of your primary residence up to $250,000 ($500,000 for couple filing jointly).  You must have lived in the home for at least 2 of past 5 years before the sale.  Here is a link on the exclusion.  

 

Additionally, here is a link with information on reporting the sale in TurboTax.

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