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You sold a house your residence and you are wanting to wait a year or so before you buy again Will you have to pay capital gains tax?
Wiki User
∙ 15y ago
It makes absolutely no difference if you wait a year or if you never buy another house again in your whole life.
If the house was your principle residence for two of the five years immediately before you sold it and you owned the house for two of the five years before you sold it, the first $250,000 of capital gains is excluded from income (you pay no tax on it). If yo file a joint return and your spouse also lived in the house for two of the preceding five years, then the first $500,000 of capital gains is excluded. A reduced exclusion may be available if you had to move early because of reasons beyond your control.
You pay tax on any capital gains above that. You may use the exclusion only once every two years. You may not claim a capital loss on a house you used for personal purposes (you lived in it rather than renting it out or using it for a business or investment).
Wiki User
∙ 15y ago
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