Home Selling in Jacksonville>Question Details

Steveb326, Home Seller in Jacksonville, FL

How long do I have to reinvest the proceeds from a home sale into another home?

Asked by Steveb326, Jacksonville, FL Sun Aug 7, 2011

Primary Residence

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Are you talking about doing a 1031 exchange in order to avoid paying capital gains? 1031 exchanges are not for buying and selling primary residences.

If you're speaking strictly of capital gain, you wouldn't be taxed on the first $250,000 of capital gains / $500,000 filing jointly. So if your capital gain was below this threshold, you wouldn't have to buy another residence to avoid capital gains.

See link to IRS website below
3 votes Thank Flag Link Sun Aug 7, 2011
Michael is correct, it depend of if you are talking about your personal residence (which there is not a time frame to reinvest) or a second home or investment homes, which you would have to setup as a 1031 exchange.
0 votes Thank Flag Link Sun Aug 7, 2011
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