Taxes/sell Of Property
Does the profit I make on the sell of my home have to be reinvested into the new home I am purchasing to avoid paying taxes? I am married, lived at the home for over 2 years and will be making about $14,000 in a profit on the home.
If the home you are asking about is your primary residence, then the answer is no. Your sale profit will be tax free regardless of what you do with the money.