I sold my home and bought another for less than i sold mine for is there any taxes to be paid. i owned my home

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I sold my home and bought another for less than i sold mine for is there any taxes to be paid. i owned my home

2007-02-02 00:38:59 · 2 answers · asked by curlyhead6500 1 in Business & Finance ➔ Renting & Real Estate

2 answers

There could be, its a case by case situation. If you lived in your old house for 2 out of the last 5 years you should be fine if you are within the capital gain limits.

2007-02-02 01:21:36 · answer #1 · answered by frankie b 5 · 0⤊ 0⤋

there shouldnt be any taxes to be paid if you lived in your other home for 2 out of the last five years as your main residence.

2007-02-02 10:15:32 · answer #2 · answered by Ms. Cranky 4 · 0⤊ 0⤋