Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Thinking of selling my home how long due I have before buying another one.

papasmu1971
Level 3

How long do I have before I must buy another one. I read 2 years, 5 years.  

Labels (1)
0 Cheers
7 Replies 7
qbteachmt
Level 15

You posted in a community for using ProSeries programs.

You seem to be lost on the internet.

You’ve come to a Peer User community for Intuit Tax Preparation products supporting tax preparation professionals using ProSeries, Proconnect and Lacerte , and you may be looking for support as an individual taxpayer. Please visit the TurboTax Help site for support.

Thanks.

 

*******************************
"Level Up" is a gaming function, not a real life function.
qbteachmt
Level 15

I see you indicate you Prepare tax returns. You need to learn to use the IRS resources for your profession.

You can buy and sell as many homes as you want whenever you want.

Read the IRS regulation for Tax impacts:

https://www.irs.gov/taxtopics/tc701

And for Personal tax questions, Intuit's TurboTax resources are well organized by appropriate and specific topic. As are the IRS resources you should always reference.

*******************************
"Level Up" is a gaming function, not a real life function.
jeffmcpa2010
Level 8

I have seen some questions on here that surprised me, 

but this question from someone who is  a supposed tax preparer which indicates that they are unaware of a significant portion of tax law passed over 20 years ago boggles the mind.

qbteachmt
Level 15

"Don't believe everything you read on the internet."

 - Albert Einstein

*******************************
"Level Up" is a gaming function, not a real life function.
abctax55
Level 15

‎From a previous post by him/her:

02-22-2021 04:26 PM I am a paid preparer who does my own and my family tax returns(5). Do they count towards the efile minimum requirement? Thank you.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches
qbteachmt
Level 15

24 years ago:

"The Taxpayers Relief Act of 1997 (TRA97) has generated the largest changes in the tax treatment of housing capital gains since the late 1970s, and therefore, serves as a natural experiment for researchers to study the impact of capital gains taxation on housing markets.

Prior to TRA97, homeowners had to pay capital gains taxes when they sold their homes unless they resorted to the “roll-over rule” or the “age-55 rule.” The roll-over rule allowed a home seller to postpone his capital gains provided that he bought another home of equal or greater value within two years. The age-55 rule allowed home sellers of age 55 or older to claim a one-time exclusion of $125,000 against their capital gains."

Which is why asking a program user community about a tax rule, which the program in use is for taxes, really isn't the best resource for someone who should know this stuff and stay current on it. Remember, the IRS is your tax dollars at work; they put on the web the resources you need, because you already paid them to do that part.

*******************************
"Level Up" is a gaming function, not a real life function.
Just-Lisa-Now-
Level 15
Level 15
You dont have to buy another.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
0 Cheers