How long do you have to reinvest money from the sale of a house?

+1 vote
asked Jun 15, 2018 in Real Estate - Renting by Tariqua (250 points)
How long do you have to reinvest money from the sale of a house?

1 Answer

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answered Jun 19, 2018 by Minty (132,850 points)
If you're trying to avoid paying Capital Gain tax after the sale of your home then as long as the home was your primary residence then Capital Gains Tax will not be applied or need to be paid.

You don't need to pay Capital Gains Tax if you're single and made a profit of $250,000.00 or less and if you're married you can make $500,000.00 profit or less on the sale of the home before being taxed on the profit.

But if the home was an investment property then you'll need to pay Capital Gains Tax no matter the profit so if you sold and profited from an investment property you have between 45 to 180 days to reinvest the money before you're taxed on it.

The time frame can vary from location to location as well.

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