Proceeds from the sale of my home
My home is located in CA , i have lived in it for 5 yrs. I moved to MT to live with my daughter, I’m 83 years old. I would like to sell my home. I paid $234;000. For it in 2018. I want to sell it for $375,000. I have not used the $250,000. Exclusion.
Do I have to reinvest that money in another home to avoid capital gains tax or may i keep it?
Terry Says
No, you do NOT have to reinvest it. That was an old tax law. Keep the money, exclude the $250,000 — and put the money safely in the bank or in Treasury bills.
REad this: https://www.terrysavage.com/t-bills-beat-cds-2/
