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Normally, taxpayers who sell their home for a substantial profit face a heavy tax load, but this burden can be avoided. If you buy another home that costs as much or more than the sales price of the old one, within a specific time, the profit from the sale Is not included in your taxable income.
The second home must be bought and occupied within a period radingl8 months aner the sale. (This is a new change, previous time period was one year). A 2-year period is permitted when building a new home. This tax deferment applies onlv to the sale of a home which is the family's main residence.
62.4%