Estate Tax
Do I have to pay Capital Gains Tax if I sell my primary residence and reinvest the equity into a new primary residence after living in it just one year? Thank You
Terry Says
You can exclude $250,000 of gains on the sale of a home on a single return and $500,000 on a joint return.
BUT, you must have owned the home and used it as your principal residence for at least TWO of the last 5 years.
There is no longer any rollover treatment.
