roll over money from the sale of my house

[seanmick8]

How do I roll over money from the sale of my house, tax free, and apply it towards my new home? I'm selling my house and I want to take all of the profits and apply it towards my new home, which I will be buying when the old one sells. I've heard of this program before. I can't remember what it's called.

-- the new rules require that you own and live in your home for a period of two years within the five years preceding its sale. If you meet the ownership-and-use test, you don't have to buy a new home and you can exclude up to $250,000 in gain, or $500,000 in the case of a married couple that files a joint return.


...we normally do not give tax advice on this site; you may alsocheck with the IRS directly; or your accountant; or the H & R Block web site for 20 dollars: HR Block Tax Advisor link --

http://www.hrblock.com/taxes/product...p?productId=44

You may be thinking of Section 1031. It is restricted for investment property and does not appy to personal rsidences. Section 121 applies for the sale of your principal residence. Provided you meet the requirements, the first $250,000 of gain ($500,000 if married) is not subject to tax. If in excess, then there the excess is subject to capital gains.