Once I sell my primary residence, how long do I have to reinvest before I have to pay capital gain taxes?

Question

Once I sell my primary residence, how long do I have to reinvest before I have to pay capital gain taxes?

Answer 1

If you've lived in your home for at least two years, then capital gains taxes probably don't apply at all, due to a new tax law inacted in 1997. For more information, read here:



http://www.bankrate.com/brm/news/real-estate/20041018a1.asp



I'm not an accountant, but this is something I recently discovered too. (In other words consult your tax advisor before acting on this information.)