Capital Gains Tax

[Kitty Jedra]

Hello Everyone!

I plan on selling my single family home and purchasing a two family home in order to help with expenses. I purchased my home for $340 and it is now worth about $400. Do I need to invest on a property that costs more than the amount I sell for, in order to avoid paying capital gains tax?

Thank you for any information you can provide me with.

Kitty Jedra

[Wayne Brooks]

If this is your primary residence, and you've occupied it for at least 2 out of the last 5 years, then any gain is tax free....IRS section 121 exclusion.