Taxes/sell Of Property
Does the profit I make on the sell of my home have to be reinvested into the new home I am purchasing to avoid paying taxes? I am married, lived at the home for over 2 years and will be making about $14,000 in a profit on the home.
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If the home you are asking about is your primary residence, then the answer is no. Your sale profit will be tax free regardless of what you do with the money.