Capital gains on the sale of a new home?

[forgop]

Originally Posted by Blueface

Then seems no new tax concern for you. However, you will have to reinvest that money into a new home or face the tax man.
As an example, a few years ago, I sold a condo I owned as a rental property and didn't buy anything new. I ended up sending a check for $22,000 in April of the following year.

I already purchased a new home in March for ~ $80-85k more than the first home is expected to sell for. I never imagined in this market I would have gotten what I paid for it, let alone a potential $30k gain. If I reall do end up at that price, the amount of house I got for the additional cost means I almost stole it IMO.

Plus, keeping ny income next to nothing should give me all kinds of $ for college in the 2011 school year. I hate that it comes to that, but when you lose your job twice in the span of 25 months, it's time for a career change. The first was the company I contracted for lost its contract and the last one was a 30% staff reduction. I was replaced so they could save an additional 50% in payroll for a department starting with 14 people dwindling down to 6 when I was let go. I just don't have the mindset to work in corporate America any longer and the recurring nightmare of losing my job
there has completely shot my confidence.