What is the name of your state? Arizona
I have looked up government pubs on determining tax on the sale of a residential home, but am still confused. Looking for help. From what I understand, if you sell your house within 2 years of ownership/residence, you have to pay a capital gain tax on the profit. This I understand. But I'm not clear on what tax, if any, you pay if you sell after the 2 year mark. Do I still have to pay taxes on the profit I make if I sell after 2 years? From what I understand, I don't. But this sounds too good to be true....I can make a $90K profit on the sale of my house after 2 years and not have to pay ANY tax on this? What if I don't roll all this over into the purchase of a new home?
Please explain! Thanks!
I have looked up government pubs on determining tax on the sale of a residential home, but am still confused. Looking for help. From what I understand, if you sell your house within 2 years of ownership/residence, you have to pay a capital gain tax on the profit. This I understand. But I'm not clear on what tax, if any, you pay if you sell after the 2 year mark. Do I still have to pay taxes on the profit I make if I sell after 2 years? From what I understand, I don't. But this sounds too good to be true....I can make a $90K profit on the sale of my house after 2 years and not have to pay ANY tax on this? What if I don't roll all this over into the purchase of a new home?
Please explain! Thanks!
