Capitol gains tax?

[roostonu]

If my wife and I sell our house to buy an RV with the profits and become full timers, are the profits still subject to capitol gains or is the purchase of the RV considered a home?

[Campfire_Time]

Everyone's situation is different. Good questions for your tax professional to help you sort out for your personal situation.

[roostonu]

RoyF wrote:
I looked at instructions for schedule 1040d for year 2017 -- don't know it this will still apply during this year. For 2017, if you lived in home for two years during the five years preceeding the sale, then you can exclude $250,000 of capital gain, or $500,000 if a joint return.

Thank you. We bought our hose 7 years ago and have lived in it the whole time.

[TenOC]

Anything with a bed and toilet is a home.

[RoyF]

I looked at instructions for schedule 1040d for year 2017 -- don't know it this will still apply during this year. For 2017, if you lived in home for two years during the five years preceeding the sale, then you can exclude $250,000 of capital gain, or $500,000 if a joint return.

[jorbill2or]

I assume you only lived in the house a short time? Aren’t Home gains are exempt from any taxation as long as you lived in it I believe 2 years?