Re: Tax question
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I just got married and both I and my spouse own a condo. We are planning on selling both condos. One condo will net 200-210k. The other condo will net 80-90k. If we use all the funds to buy a new house will we owe capital gains tax?
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It doesn't matter what you do with the money.
If you owned your condo and lived in it as your primary residence for 2 out of the last 5 years, then $250,000 of gain is not taxed. If your spouse owned and lived in his/her condo as his/her primary residence for 2 out of the last 5 years, then $250,000 of gain is not taxed.
-Tom
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