quote:

Originally posted by Georgeair:

quote:

Originally posted by cyberphobia:

But if one sell one has two years to buy or the FEDS take monies off us.

That is a gross misinterpretation of the rules. Read them again. Better yet, consult your {competent} tax advisor if needed.

Unless you've been in your current home less than 2 years or have sold another primary residence recently and taken the exemption you are likely fine. Also only taxable if gain over $500K. Gain, not sale price. From what you're describing of your situation I suspect you're not sitting on a million dollar home bought for $300K. Even if you are, you still get the exclusion for the first $500K.