Selling a house and buying a more expensive one

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Leonard S.

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Jun 1, 2022, 4:15:28 PMJun 1
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Is it still the official IRS rule to not tax any home sale proceeds if the individual/couple bought a more expensive primary residence within a certain timeframe before/after that sale? I could find almost nothing on this topic, as opposed to the details on the newer $250/500k exclusion.

Len Skemp

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Jun 1, 2022, 7:48:57 PMJun 1
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Dear Moderators,

I believe I found an answer to this question on my own. If you think the question should remain posted to benefit others, I don't mind, otherwise, I would be happy to withdraw it.

Sincerely,
Len

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Newsgroups: misc.legal.moderated
Message-ID: <adfc3212-992f-4ad9...@googlegroups.com>
Subject: Selling a house and buying a more expensive one
From: "Leonard S." <leonar...@gmail.com>
Injection-Date: Wed, 01 Jun 2022 20:15:04 +0000
To: misc-legal...@moderators.isc.org

Stuart O. Bronstein

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Jun 2, 2022, 12:31:24 AMJun 2
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No, the old rule is gone. Only the $250K exclusion is available.


--
Stu
http://DownToEarthLawyer.com

Barry Gold

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Jun 2, 2022, 12:32:28 AMJun 2
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On 6/1/2022 1:15 PM, Leonard S. wrote:
> Is it still the official IRS rule to not tax any home sale proceeds if the individual/couple bought a more expensive primary residence within a certain timeframe before/after that sale? I could find almost nothing on this topic, as opposed to the details on the newer $250/500k exclusion.

AFAIK the $250K/500K explicitly replaces the old rules about selling
your primary residence.

--
I do so have a memory. It's backed up on DVD... somewhere...

Roy

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Jun 2, 2022, 12:42:32 AMJun 2
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On 6/1/2022 9:32 PM, Barry Gold wrote:
> On 6/1/2022 1:15 PM, Leonard S. wrote:
>> Is it still the official IRS rule to not tax any home sale proceeds if
>> the individual/couple bought a more expensive primary residence within
>> a certain timeframe before/after that sale? I could find almost
>> nothing on this topic, as opposed to the details on the newer
>> $250/500k exclusion.
>
> AFAIK the $250K/500K explicitly replaces the old rules about selling
> your primary residence.
>


Here is a summary

KEY TAKEAWAYS

You can sell your primary residence and be exempt from capital gains
taxes on the first $250,000 if you are single and $500,000 if married
filing jointly.

This exemption is only allowable once every two years.

You can add your cost basis and costs of any improvements that you made
to the home to the $250,000 if single or $500,000 if married filing jointly.

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