gains from sale of a home I purchased my first home a little over a year ago, after living in my home for only 15 months I decided to sell since the value of the home increased, in order to buy a larger home. Unfortunately prior to selling I didn't do proper research as far as having to pay taxes on capital gains(my real estate agent assured me I wouldn't have any tax penalties). Are there any exemptions? Such as using the gain as a down payment on a new home? or possibly spreading the gain over a few years? What are my options as far as capital gains are concerned and how to possibly reduce the amount I will have to pay when I file? I understand that I will be able to use the real estate fees/document/sale fees as a deductible but is there anything else? |