Home Selling in Pittsburgh>Question Details

Deborah, Home Buyer in Witte

Im going to put my house on on the market soon. Is there a set time period that I need to buy another house?

Asked by Deborah, Witte Mon Jun 2, 2008

to avoid any tax penalties? I seem to remember there's a one-year window before I'd need to buy another house. Am I geting this right?

Help the community by answering this question:


As long as it is your primary residence and your net proceeds are less than $250,000/individual or $500,000/couple - you do not have to worry about capital gains taxes at all. If you are close to either of those numbers, make sure you speak with your accountant first!
1 vote Thank Flag Link Mon Jun 2, 2008
You needed to have lived in the property for two consecutive years in the previous five years.
0 votes Thank Flag Link Mon Jun 2, 2008
Crystal is correct in that there are exclusions for owner-occupied homes. HOWEVER, the owner-occupied exemption may be reduced if you were not living there for a long enough period of time. Be sure to check with your accountant and/or IRS.gov for more details on this.

Here's a link to the "ownership and use test" per the IRS: http://www.irs.gov/publications/p523/ar02.html#d0e2072
0 votes Thank Flag Link Mon Jun 2, 2008
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