Capitol Gain on home owned for less than 2 years I am on SSDI and considered below poverty level and bought a home in Jan. 2015 which is my primary residence. I am looking to sell my home and will make approx. $20k profit on the sale above the purchase price. I am then moving to another state with much lower housing cost and purchasing a home for cash.
My question is, with my income level and being on SSDI will I have to pay taxes on the sale of the home since I haven't lived in the home for 2 years prior to selling and since I will be reinvesting most, if not all profit into another home in another state?
Thanks in advance,
Steve |