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