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Capital gains tax?

does anyone know anything about it, I just sold my house and we want to live with my mom and pay off our bills with the proceeds. After we build our credit back up, then we want to buy again. I hjeard if you don't reinvest tghe money witin 18 mos. you pay major taxes. What kind of percent? and can I reinvest part in some kind of savings account for a couple years? where would I find info on this?

Answer Question
 
luvschocolate

Asked by luvschocolate at 12:26 AM on Mar. 30, 2010 in Money & Work

Level 25 (25,014 Credits)
Answers (3)
  • The IRS website; of course; would be the place to look for the answer, but to my knowledge (a few years back) a bill was passed allowing a one time sale of a home without those tax penalties. No matter what, hold on to every reciept for improvements and repairs, because they come off the bottom line of any profit from apreciation. For lack of those reciepts, bank statements showing expenditures, will suffice.
    GMMOLLY

    Answer by GMMOLLY at 7:40 AM on Mar. 30, 2010

  • You better go look up the current rules because there have been many changes. I know it matters how long you were in the house. It seems like things are a lot simpler if you lived there at least 3 years. Don't take anybody's word on any of this. Look it up and print it out for the year in question. Keep that information in a safe place along with all those receipts.
    Anonymous

    Answer by Anonymous at 8:16 AM on Mar. 30, 2010

  • Call the IRS 1-800-829-1040 - Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).
    rkoloms

    Answer by rkoloms at 5:34 PM on Mar. 30, 2010

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