Let's say you are over 55, married, no kids at home, and you sold your home in State "C" for $589,000 in September 2003. What would be the tax consequences for the following scenario:
- After selling the home in State "C," you move to State "A" and buy a home for 5,000 (same month and year - 9/2003).
- You are thinking of selling this home within six months, and it has probably appreciated to about 5,000.
- What would be your tax consequences if you bought another home in a different part of town that is more expensive, say, 0,000? All homes were and will be owner-occupied.
Thank you for your time!
FE