How long do you have to own a house before you sell it in order not to pay income tax on profit?
by 
Rebecca Hellinger
ANSWERS: 3
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I am aware of two ways to exempt profit from sale of a residence from tax. One is to invest the money from the sale into another home. The other is to sell after the age of 62 (I think) to get a legal one-time break offered to people near retirement. I don't believe either requires you to own a property for a particular length of time. I am thinking of USA federal tax rules. These may not apply to state income tax rules. This answer must not be construed as legal advice. Check with a tax accountant or lawyer and/or read the tax code for yourself. I am not a tax accountant, but I believe my answer to be approximately correct.
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Under the old tax law, you could defer tax by re-investing in a new home and then take a one-time exclusion after you reached the age of 55 -- This is no longer the case, now you can exclude up to $250,000 of your gain ($500,000 if your married filing jointly) and you /(spouse) qualify. The home must be your primary residence and you must have lived there for 2 of the previous 5 years. There are some special rules for military personnel and there are some circumstances where you may qualify for a partial exclusion.
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I BOUGHT MY HOME AND PAID IT OFF. I LIVED IN IT 28 YEARS AND ONLY INCOME TAX I PAID WAS ON INCOME. WHEN YOU BUY SOMETHING YOU PAY INCOME TAX, BUT WHEN YOU SELL SOMETHING THEY PAY INCOME TAX, NOT YOU. HAVE A NICE DAY. MIKE
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