Do I have to pay taxes on selling my home?
I live in Texas and own a home. I plan to selling it and putting the money I get for it in bonds and rent a house in a senior citizen gated community. Because I don't want to purchase another house, do I have to pay taxes on the amount I get for this house?
I'm 78 years old.
- Anonymous2 years agoFavorite Answer
probably BUT if you look at the IRS website they should have a correct answer
- Anonymous2 years ago
There is a once-in-a-lifetime exemption to the tax on capital gains from sale of a house. Possibly you qualify for that.
Age has nothing to do with it.
For some of the bonds (particularly those that are long-term) consider "TIPS".