How much time do I have to buy a new home before I have to pay tax on the gain?

If you have lived in the home as your primary residence for at lease two out of the last five years when the home is sold, you do not have to buy a new home to not pay tax on the gain. You can have up to $250,000 in gain as a single person or $500,000 in gain as a married couple filing a joint tax return and not pay any tax. To benefit from this nice tax break there are no minimum age requirements or need to purchase a new home.

 
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