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  • Selling a house and buying a more expensive one

    From Leonard S.@21:1/5 to All on Wed Jun 1 13:15:24 2022
    Is it still the official IRS rule to not tax any home sale proceeds if the individual/couple bought a more expensive primary residence within a certain timeframe before/after that sale? I could find almost nothing on this topic, as opposed to the details
    on the newer $250/500k exclusion.

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  • From Len Skemp@21:1/5 to [email protected] on Wed Jun 1 16:48:54 2022
    Dear Moderators,

    I believe I found an answer to this question on my own. If you think the question should remain posted to benefit others, I don't mind, otherwise, I would be happy to withdraw it.

    Sincerely,
    Len

    On Wed, Jun 1, 2022 at 3:15 PM <[email protected]> wrote:

    Hello,



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    Message-ID: <[email protected]>
    Subject: Selling a house and buying a more expensive one
    From: "Leonard S." <[email protected]>
    Injection-Date: Wed, 01 Jun 2022 20:15:04 +0000
    To: [email protected]

    Is it still the official IRS rule to not tax any home sale proceeds if the individual/couple bought a more expensive primary residence within a
    certain timeframe before/after that sale? I could find almost nothing on
    this topic, as opposed to the details on the newer $250/500k exclusion.



    <div dir="ltr">Dear Moderators,<div><br><div>I believe I found an answer to this question on my own. If you think the question should remain posted to benefit others, I don&#39;t mind, otherwise, I would be happy to withdraw it.</div><div><br></div><
    Sincerely,</div><div>Len</div></div></div><br><div class="gmail_quote"><div dir="ltr" class="gmail_attr">On Wed, Jun 1, 2022 at 3:15 PM &lt;<a href="mailto:[email protected]">[email protected]</a>&gt; wrote:<br></div>
    <blockquote class="gmail_quote" style="margin:0px 0px 0px 0.8ex;border-left:1px solid rgb(204,204,204);padding-left:1ex">Hello,<br>



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    Message-ID: &lt;<a href="mailto:[email protected]" target="_blank">[email protected]</a>&gt;<br>
    Subject: Selling a house and buying a more expensive one<br>
    From: &quot;Leonard S.&quot; &lt;<a href="mailto:[email protected]" target="_blank">[email protected]</a>&gt;<br>
    Injection-Date: Wed, 01 Jun 2022 20:15:04 +0000<br>
    To: <a href="mailto:[email protected]" target="_blank">[email protected]</a><br>

    Is it still the official IRS rule to not tax any home sale proceeds if the individual/couple bought a more expensive primary residence within a certain timeframe before/after that sale? I could find almost nothing on this topic, as opposed to the details
    on the newer  $250/500k exclusion.<br>

    </blockquote></div>

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  • From Barry Gold@21:1/5 to Leonard S. on Wed Jun 1 21:32:26 2022
    On 6/1/2022 1:15 PM, Leonard S. wrote:
    Is it still the official IRS rule to not tax any home sale proceeds if the individual/couple bought a more expensive primary residence within a certain timeframe before/after that sale? I could find almost nothing on this topic, as opposed to the
    details on the newer $250/500k exclusion.

    AFAIK the $250K/500K explicitly replaces the old rules about selling
    your primary residence.

    --
    I do so have a memory. It's backed up on DVD... somewhere...

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  • From Stuart O. Bronstein@21:1/5 to Leonard S. on Wed Jun 1 21:31:20 2022
    "Leonard S." <[email protected]> wrote:

    Is it still the official IRS rule to not tax any home sale
    proceeds if the individual/couple bought a more expensive primary
    residence within a certain timeframe before/after that sale? I
    could find almost nothing on this topic, as opposed to the details
    on the newer $250/500k exclusion.

    No, the old rule is gone. Only the $250K exclusion is available.


    --
    Stu
    http://DownToEarthLawyer.com

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  • From Roy@21:1/5 to Barry Gold on Wed Jun 1 21:42:29 2022
    On 6/1/2022 9:32 PM, Barry Gold wrote:
    On 6/1/2022 1:15 PM, Leonard S. wrote:
    Is it still the official IRS rule to not tax any home sale proceeds if
    the individual/couple bought a more expensive primary residence within
    a certain timeframe before/after that sale? I could find almost
    nothing on this topic, as opposed to the details on the newer
    $250/500k exclusion.

    AFAIK the $250K/500K explicitly replaces the old rules about selling
    your primary residence.



    Here is a summary

    KEY TAKEAWAYS

    You can sell your primary residence and be exempt from capital gains
    taxes on the first $250,000 if you are single and $500,000 if married
    filing jointly.

    This exemption is only allowable once every two years.

    You can add your cost basis and costs of any improvements that you made
    to the home to the $250,000 if single or $500,000 if married filing jointly.

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