Capitol gains tax?
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?
Forum Discussion
Remember, it isn’t that the house sells for $500K, but the PROFIT is above $500K. You get to subtract costs of remodeling, cost of getting it ready to sell, cost of selling, original purchase price, to figure out gain.
