turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

We are wanting to sell our home but have only lived here 22 months...is there capital gains if we buy another home?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
TomD8
Level 15

We are wanting to sell our home but have only lived here 22 months...is there capital gains if we buy another home?

It used to be that a homeowner who sold a principal residence could defer tax on any profit if they purchased a new home within two years at a price equal to or greater than the sale price of the old one.

That ended with the Taxpayer Relief Act of 1997.

So buying another home will no longer relieve you of having to pay capital gains tax.

 

**Answers are correct to the best of my ability but do not constitute tax or legal advice.
message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies