Selling a house

[markh83]

In order to claim the $250,000 capital gain exclusion on the sale of my primary residence do i have to buy another house within a certain period of time?

[DoninGA]

No, you do not have to buy another home after selling your prior home.  The requirement to purchase another home for the same or higher price than the prior home sales price to defer capital gains was removed from the tax code in 1997.

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported. You will need the online TurboTax Premier or Self-Employed edition to report the sale if you are using the online editions.

[AFGrisham]

I am using TurboTax Deluxe, and am selling a home which I have owned with my wife since 1970.