house sale and purchase abroad

[jerry1000]

actually it a group of related questions

1. I heard if you sell a house (or condo) where you live at a profit
but immediately (?) buy another dwelling you do not have to pay tax

Is it still true and what is the time frame to re-purchase
any other conditions IRS asks for?

2. Same as above but a property is abroad both first (being sold) and second (to be bought)

3. Do I have to declare it to IRS somewhere?

[LdiJ]

Originally Posted by jerry1000

actually it a group of related questions

1. I heard if you sell a house (or condo) where you live at a profit
but immediately (?) buy another dwelling you do not have to pay tax

Is it still true and what is the time frame to re-purchase
any other conditions IRS asks for?

2. Same as above but a property is abroad both first (being sold) and second (to be bought)

3. Do I have to declare it to IRS somewhere?

No, those rules are no longer in effect. The new rules are:

You may sell a home that has been your primary residence for two of the last 5 years, and exclude 250k of capital gain (500k if you are married).

You do not have to purchase another home.

Yes, the sale should be reported on your tax return.