Important Capital Gains Question
If you buy a home and after three years you refinance and have little equity you sell it........you make 20,000. You now have 20,000 in your pocket...how does the goverement get their hands on it...what i really want to know is can i spend every dime of it or do i have to pay taxes first?
If you lived in it 2 out of the last 5 years you are allowed up to 250k tax free. Dont spend it all in one place.