Hello,
I was wondering if someone could help with whether I would have to pay a penalty of Cap gains on the selling of our home if we use the money to pay off debt.
I saw something stating a family of 4 would have to go over 500k before having to pay. Our income is 80k and home equity is around 150k. Does that mean we don't have to pay or is there still a penalty if we don't roll the money into another home.
Thanks for the help!
I was wondering if someone could help with whether I would have to pay a penalty of Cap gains on the selling of our home if we use the money to pay off debt.
I saw something stating a family of 4 would have to go over 500k before having to pay. Our income is 80k and home equity is around 150k. Does that mean we don't have to pay or is there still a penalty if we don't roll the money into another home.
Thanks for the help!