Q: If you purchased a home,when you do not own any other properties will you have to pay capital gains taxes on the sale?
We purchased a property that was foreclosed, rehabbed the home to live in the house but we found another home near by that we really want to purchase, I am reading we will have to pay capital gains taxes with the profit money. Why would we need to do that duem to the fact that we do not own any other properties?
A: Depends on how long you have owned and lived in the home and how valuable it is. See the following: http://www.irs.gov/taxtopics/tc701.html
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