I'm reading through some IRS stuff on home sales and taxes. A question or three remain.
We could likely sell our home for less than 500,000. We'd consider building in another area, timing of which we are not sure about. Could build now, move slowly, then sell first home. Tax publications make it seem like for a married couple and potential home price, that our taxes would not be impacted.
The thing is, I recall family elders act like this was a one time benefit? That we could buy and sell close to the same dates, thus reinvesting our gains to a better home, but not if not done in the same year.
Is this a concern?
If we took our time to find or build another home, perhaps even in another state, what can we do to help our tax situation?
Thank you.
We could likely sell our home for less than 500,000. We'd consider building in another area, timing of which we are not sure about. Could build now, move slowly, then sell first home. Tax publications make it seem like for a married couple and potential home price, that our taxes would not be impacted.
The thing is, I recall family elders act like this was a one time benefit? That we could buy and sell close to the same dates, thus reinvesting our gains to a better home, but not if not done in the same year.
Is this a concern?
If we took our time to find or build another home, perhaps even in another state, what can we do to help our tax situation?
Thank you.
Statistics: Posted by 4nursebee — Wed Apr 03, 2024 11:41 am — Replies 5 — Views 140