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    snoozin's Avatar
    snoozin Posts: 1, Reputation: 1
    New Member
     
    #1

    Feb 2, 2006, 07:30 PM
    Selling house after less than 2 yrs
    I bought a house a year and a half ago and may need to move because of my job. What do I need to know regarding taxes on the sale? If I put all the money from the sale of my house into a new house, will I be exempt from taxes?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,772, Reputation: 846
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    #2

    Feb 2, 2006, 10:01 PM
    snoozin:

    You may not qualify for the full $250,00 exemption, but you should qualify for 75%, or $187,500. That should be enough to cover the profit on the sale of your house.

    Get a competent tax pro to prepare your return if you sell the house.

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