Home equity

[GeorgeG.]

Wasn't their a tax benefit of some sort to not pay taxes on positive equity when selling a home if you roll that into a new home loan? I can't remember the details but that seems to ring a bell.

[Vertnut]

Check me, but I think it's to up to $250K without being taxed on your primary house. Does not apply to a rental property. Started in the late '90's.

[snacksnack]

Good timimg, thanks for bringing this to my attention.

[GeorgeG.]

I'll check into it a little more. We're planning to sell now while the selling is hot and rent something temporarily till we find the perfect place but if that means paying taxes on the equity, then we'll have to scratch that idea.

I wonder if there's a form of some sort that needs to be filled out/submitted or if it's just an automatic thing....

[Pro88LX]

1031 exchange.

[kingjason]

Check me, but I think it's to up to $250K without being taxed on your primary house. Does not apply to a rental property. Started in the late '90's.

250k single, 500k married, I think is what it was.