nostalgia
Well-Known Member
So I'm buying a house (yay!). I didn't make the purchase contingent on selling my current house for several reasons, but now I'm wondering about the tax implications.
My understanding of capital gains tax on a house sale is you won't have to pay it if you're using the money to buy a new house. But what about my situation, where I'm using my savings for the down payment on the new house and will replenish it later with the sale of the existing house?
Thanks for any advice,
-Joe
My understanding of capital gains tax on a house sale is you won't have to pay it if you're using the money to buy a new house. But what about my situation, where I'm using my savings for the down payment on the new house and will replenish it later with the sale of the existing house?
Thanks for any advice,
-Joe