Im selling my house, Im single head of household. Will I be taxed on the money if I use it to buy another?

Question

When I sell my house I plan on getting about 400,000 out of it. I plan on using the money to pay off bills and put probably 350000 on another house, which would still leave me having a small mortgage. Since I claim single head of household, am I going to have to pay capital gains? Or because Im putting it into another primary residence, am I in the clear from paying???

Answer 1

You can roll 100% of your cost into the next primary home and defer any taxes on the gains

You should check with your tax consultant for any and all tax information.

I hope this has been of some use to you, good luck.

"FIGHT ON"

Answer 2

You shouldn't if you're rolling it into the purchase of a new primary residence. If not I think 2 years is the time minimum you would have had to live in your sold house.

Answer 3

If the house you are selling is your primary residence and you've owned it 2 years, you are exempt from capital gains up to a specified amount. check with your tax professional.

Answer 4

Did you tell the preparer which you have been married? Did your important different tell the preparer that he become no longer residing with you for the final six months of the 300 and sixty 5 days, however the youngster(ren) have been residing with him? go returned to that preparer and get amendments that wisely teach your submitting prestige. whether that preparer tousled or no longer, this is the quickest thank you to repair your problem. If the preparer become in errors and you're making sufficient of a criticism, your amendments may well be at no fee to you. in the adventure that your important different filed as Head of kinfolk, that meant he claimed a newborn, and probably have been given Earned earnings credit in accordance with that youngster. Your ultimate guess is to document an amended return changing your submitting prestige to Married submitting at the same time. in the adventure that your joint earnings is below approximately $34,000 you will nonetheless get some EIC, yet probably under your husband gained submitting incorrectly as Head of kinfolk. you have a stability due. on your tax return for 2008, document as early as you are able to and have that 2007 stability due paid for alongside with your 2008 refund. Your economic help human beings have been incorrect to declare you ought to document as Married submitting one by one. in case you have been married on December 31, 2006, you have the alternative of submitting as Married submitting at the same time. The worst case is that your important different refuses to document a joint return with you. you may the two document as Married submitting one by one, and you the two might have a stability due on the amendments that ought to certainly be extra effective than you owe in case you filed at the same time.

Answer 5

If you buy another house you won't be taxed on it.