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Level 1
posted Oct 25, 2023 10:07:08 AM

Home Sale, but not yet a purchase

Hi.

We sold our home in Ohio and moved to Utah.  However we haven't yet found a new home in Utah and are renting while we search.  Will there be any tax consequences because we haven't re-invested into a home with the proceeds yet?

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1 Replies
Employee Tax Expert
Oct 25, 2023 10:13:39 AM

Hello zornmela2,

Thanks for joining the event!

You do not need to invest in a new home to avoid a tax bill on the sale of a primary residence.

The sale of a primary home can be a taxable event depending on the length of time you lived in the home, and the amount of money you profited.  This article discusses the particulars:
https://ttlc.intuit.com/turbotax-support/en-us/help-article/personal-income-taxes/money-made-home-sale-taxable/L17WWqsy5_US_en_US

Good luck in your new state!

JanetB211