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Capital Gains Tax - Selling a House

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M

mthompson

Guest
Our current house is paid for and be have been taking the home office deduction. We plan to buy a new house and use money from our savings account for the down payment. After we move and sell our old house, can we reinburse ourselves the downpayment cost with the proceeds from the selling of our old house and avoid the capital gains tax or do we have to pay on the mortagage of the new house with it? Also, how long do we have to sell our old house to avoid penalitys? We live in South Carolina and are desperate for information. All help is appreciated. We would also like to know where to research the tax laws regarding this on the internet. Please respond. We are thankful for your help.
 



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