Lived in my home for 1 year, Want to buy larger home. Will I pay taxes?
I have lived in my current home for 1 year and would like to sell it to buy a larger home in the same town/state. I will most likely make a profit of $20k off my home and will re-invest every penny back into the larger home that I want to buy. Will I still have to pay taxes on the 20k from my first home even though I am re-investing all of it into a new home immediately? I live in the state of Massachusetts. Thank you in advance. -Nate