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?

Update:

I'm 78 years old.

2 Answers

Relevance
  • Anonymous
    2 years ago
    Favorite Answer

    probably BUT if you look at the IRS website they should have a correct answer

  • Anonymous
    2 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".

Still have questions? Get your answers by asking now.