Capital gains

Have owned house for less then 2 years. House is being bought out by major corporation for a new chip factory. House will be paid off and we will receive some extra money. Most of the extra money will be used for down payment on new primary residence. Will we need to pay capital gains and are there any special exclusion for this situation. We are being forced to sell.

posted

The reinvestment of the gains in a new home is not relevant. Look at the bottom of page 7 to see if you can make a case for a partial exclusion.
https://www.irs.gov/pub/irs-pdf/p523.pdf