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Updated about 2 years ago,

User Stats

6
Posts
2
Votes
Xavier Paredes
2
Votes |
6
Posts

Do I need to pay capital gains tax on sale of primary residence?

Xavier Paredes
Posted

I've searched about this but am getting conflicting info or maybe just misunderstanding what I read.

Two months ago I sold my primary residence in Houston, Texas. Profit was about $100k. 

I file taxes as single.


QUESTIONS:

1. Will I have to pay capital gain taxes on the $100k profit?

2. Are there any time limits by when I must buy another house to prevent paying capital gain taxes?

3. I come across articles for a 1031 exchange but I think that only applies to investment properties. Correct?

4. I read somewhere that we can have the Title Company (which processed the sale transaction) put the money into a trust. Not sure what this is.

5. Anything else I must know?

Sorry for all the questions and for your patience.

TIA!

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