Capital gain tax on sale of my home?

[kscat]

Is the profit that I make on the sale of my home subject to tax? What laws should I be familiar with concerning reinvesting in Florida?

 

[Tracey]

Absolutely. Call 1-800-829-1040 for information. This is from the IRS FAQ page: 13-1. I sold my home last year. Do I have to report the sale?

Report the sale of your main home on your tax return only if you have a gain and at least part of it is taxable. Report any taxable gain on Form 1040, Schedule D, Capital Gains and Losses. Form 2119, Sale of Your Home is obsolete beginning in 1998. For more information, refer to Publication 523, Selling Your Home (http://ftp.fedworld.gov/pub/irs-pdf/p523.pdf).

------------------
This is not legal advice and you are not my client. Double check everything with your own attorney and your state's laws.