Posted: 6/27/2017 10:01:25 PM EDT
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So, looking to sell my house. Let's say I owe 100k and it sells for 200k. At closing they would subtract what I owe on mortgage and pay that and then other fees and costs. So, let's say that leaves 90k (just keeping numbers round, I have no idea). So, then they give me a check for 90k and I hand over the keys?
So, the IRS sees that as 90K of income correct? Now, tax wise, if I use some or all of that money to buy a new house to live in, does that impact taxes owed? any advice and or info appreciated. 
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| YES!!! Thank you. |
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Quoted:
...in this specific example. If you're single you don't pay taxes unless your gain is >$250k. $500k if you're married. Quoted:
Quoted:
If you lived there for two years+ and it is your main residence there are no taxes on any money made. 
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