Selling home

[retired2015b2d]

We bought our new home and then put our old home on the market and sold it. Took about 70 days. We had lived there 22 years. It would still be considered selling our primary home for tax purposes? I sure hope so!

[RunningBum]

Yes, you just had to have it as your primary residence 2 of the last 5 years. First $500K of gains is tax free if you're married, half for singles.

[braumeister]

Quote:

Originally Posted by retired2015b2d We bought our new home and then put our old home on the market and sold it. Took about 70 days. We had lived there 22 years. It would still be considered selling our primary home for tax purposes? I sure hope so!

Of course! I've always bought the new one before selling the old one. It's quite common.

[street]

My son just bought a different home then sold his after he bought one. I thought he was crazy to do that but it worked well for him. On the market 2 days and sold he will be closing next week which was 6 weeks before everything is done.

[Bamaman]

You won't even get a Form 1099 on the sale of the home if it was sold for $500K or less. So the "Basis" of the home is a non-issue.

Our granddaughter just bought a starter home and is waiting to close. Under $200K homes in big southern cities often are on the retail market 1-2 days. They end up taking bids and the highest price usually takes it. Very frustrating doing business this way.