As seniors , are there tax consequences for not using home sale proceeds to buy another?

2 Answers

  • 8 months ago

    Capital Gains tax is either 15 or 20% depending on your income. But, that only applies to home sales where you bought and sold within 3 years. If you bought and sold in over 3 years, there is No tax at all. 

  • rick
    Lv 7
    8 months ago

    I got zapped for capitol gains. I think it was around 27% I bought the place for $, 13,500, and sold it years later for $327,000. OUCH!!!!!

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