Does anyone know the tax implications if you do not re-invest all of the proceeds from the sale of your home?

Asked by April, Oak Lawn, IL Fri May 1, 2009

into the purchase of another? I'd like to pay off some credit card debt, but am concerned about possible tax ramifications. Thanks!

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Bill Smith, Agent, Huntington Beach, CA
Fri May 1, 2009
The best thing for you to do is contact your accountant. Is the home a primary residence, or a investment/rental property? Are you married? Did you make over $500,000.00 profit? These are the things your accountant, or tax preparer, will need to know.
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