Quote:
Originally Posted by Rot 911
When you sell your primary residence, you can make up to $250,000 in profit if you're a single owner, twice that if you're married, and not owe any capital gains taxes.
|
Please note, the figures stated above are PROFIT when sold. Very few homeowners will ever have to pay capital gains when selling a house.
At one time when you sold your primary residence you had I believe it was one year to purchase another primary residence and that residence had to be of equal or higher value than the one you sold else you had to pay capital gains on any profit. I believe this changed during the late 1990's.