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Reply to "Is it a good idea to keep the cash after selling a house?"
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[quote=Anonymous]There is a $250k capital gain exemption for a single person or $500k for a married couple. That means that you don't pay capital gain tax (which I think it currently 15 percent) if your GAIN is less than $250k/500k. Gain is the profit that you make having subtracted the cost of the house (what you paid plus any improvements) from the sale price (minus any sales costs). There is no requirement that the proceeds need to be spent on another primary residence, or that anything has to be done with them. The rules for investment properties are different and there is a procedure called a starker exchange that helps avoid capital gain tax by rolling over your funds into a similar property. PP may have got these confused.[/quote]
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