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kwilkin9
New Member

Will I have to pay taxes in 2018 on the profits from the sale of my primary residence in 2017?

I own only 1 home.
I will not use 100% of the profits as a down payment on the next home purchase.
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1 Reply
Hal_Al
Level 15

Will I have to pay taxes in 2018 on the profits from the sale of my primary residence in 2017?

The old rule about reinvesting the profit from the sale of your primary home, into a new home,  expired about 20 years ago.

The current rule is that you may exclude the capital gain on the sale of your home, up to $250,000 ($500,000 married), regardless of how you use the money. To qualify you must of owned and lived in your home for at least two of the five years prior to the sale. 

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