Bought our house in Feb 2016 for $220k in Texas. Sold in May 2017 for $262k. How much capital gains tax am I exposed to? Will roll 100% to new house.

Question on tax of gain on sale of our primary residence.

Bought our house in Feb 2016 for $220k in Texas. Sold in May 2017 for $262k. 100% of proceeds will be used for next home.

How much capital gains tax am I exposed to since we lived in the house for less than 2 years. I've heard that if you roll the proceeds to the next home purchase it won't be taxed. Not sure if that's true.

Thank you,
Grant
(0) | asked by: Grant Lawson | share | 5 months ago | Report
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answer by Karen Peyton    |   Visit My Website   |   Contact Me
Contact a tax professional and provide the scenario. They will ask you a few questions and then give you an estimate of how much of your proceeds are taxable, and whether a taxable event will occur if "rolling" is still possible. Remember, we're talking about taxes...Nothing is simple.
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