I am going to sell my condo that I lived in for 2 years and rented for 2 more. If I put all the money from the sale into my current primary residence for upgrades and repair, would I have to pay a capital gains tax?
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Since you have lived in your condo for 2 of the last 5 years, you have a personal exclusion of 250K in gains if single, and 500K if married. You only pay capital gains tax on gains above that. You can do whatever you'd like with that money. Paula Straub -
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