Omaha, NE asked in Tax Law for Nebraska

Q: Is there a minimum amount of years you have to own a home before you sell so you don't have to pay taxes on the profit?

Specifically, I've only one it for 1 year now and if I sell will I have to pay un-needed taxes? I am wanting to sell the property and then use those profits for the downpayment on my new house.

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1 Lawyer Answer
Julie Fowler
Julie Fowler
  • Omaha, NE
  • Licensed in Nebraska

A: This is more of a tax question. You would need to talk to a CPA or tax professional about your specific situation. The IRS has a publication to help you to determine if you are subject to federal taxes for the sale of real property. You may also be subject to state or local taxes as well. As you can see from the publication below, the answer to your question has a number of variables involved.

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