A wild idea......
I have posted here some for the past few years and always come here to find answers, because I'm not privy to the fact that alot of people know more than I do. So I really value the opinions here and...
Forum Discussion
Roy&Lynne wrote:
Saying that, if you have any equity in the house you only have a certain amount of time to reinvest it without getting a tax kick in the butt. You might want to use that time period to try out RV living and reassess then. You can always buy a small condo.
you're talking about an old tax law. We sold our house 4 years ago, bought nothing since then.
From the IRS website:
A home is often a person’s most valuable capital asset. If you have a gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may exclude up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home, provides rules and worksheets. Topic 409 covers general capital gain and loss information.
