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Updated over 7 years ago on . Most recent reply

Do I️ have to pay capital gains?
Question.
If I️ sell my home do I️ have to pay capital gains? Can I️ use the money to pay off some cc debt? Do I️ have to roll the proceeds from the sale into another property to avoid paying taxes?
I’ve never sold a house before so I️ don’t know what happens when you sell.
Thanks,
MC
Most Popular Reply

If it has been your primary residence 2 of the last 5 years you can make 250K if single or 500K if married tax free. There is no need to reinvest the money.