Im selling my house, Im single head of household. Will I be taxed on the...

[threebunnys]

...money if I use it to buy another? When I sell my house I plan on getting about 400,000 out of it. I plan on using the money to pay off bills and put probably 350000 on another house, which would still leave me having a small mortgage. Since I claim single head of household, am I going to have to pay capital gains? Or because Im putting it into another primary residence, am I in the clear from paying???

[Amanda H]

If the house you are selling is your primary residence and you've owned it 2 years, you are exempt from capital gains up to a specified amount. check with your tax professional.

[smartypants909]

If you buy another house you won't be taxed on it.

[Mickey]

You shouldn't if you're rolling it into the purchase of a new primary residence. If not I think 2 years is the time minimum you would have had to live in your sold house.

[Skip]

You can roll 100% of your cost into the next primary home and defer any taxes on the gainsYou should check with your tax consultant for any and all tax information.I hope this has been of some use to you, good luck."FIGHT ON"