Selling - FAQ

 

Do I Pay Any Taxes on the Sale of My Home?

 

It depends. If you have lived in your home for at least two years you won’t have to pay capital gains. If you sell your home prior to this period of time your profit may be subject to capital gains. This applies to sales of homeowner-occupied units. Rentals are a totally different case.*

 

Do I Need to Reinvest the Proceeds from the Sale of My Home?

 

Some people still remember an IRS ruling that required home sellers to reinvest their profit within 18 months after selling their principal residence. That rule no longer applies.*

 

*This is not intended to be legal or tax advise. Consult with your attorney or income tax professional for proper guidance.