Question by Pamela Hernandez:
My husband and I sold our condo last month. We're both young (20 and 25) and don't know anything about real estate. Do we have to reinvest the money that we made from the sale of our condo?
Answer By William Bronchick:
If your condo was your principal residence, you do not have to reinvest the gains if the gain did not exceed $250,000. Under the 1997 Tax Reform Act, gains of less than $250,000 ($125,000 for single person) on your principal residence are exempt from taxation.
Disclaimer: The foregoing is not intended to be given as legal, financial or tax advice, but intended for instructional use only. If you require legal, financial or tax advice you should seek the assistance of a qualified professional.
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