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Will I have to pay taxes on the sale of my home?

Q. Due to a transfer, I will be selling my home this year. My neighbor says that because I’ve only lived in it for four years, the new tax law says I’ll have to pay taxes on the sale. Is that capital gains or regular taxes?

Sam in Greenville, SC.

A. Sam, you probably won’t pay any income related taxes upon sale of your home. The final law made no changes to how primary residences are taxed upon sale.

There was a provision in the original offerings from Congress that would have provided favorable tax treatment only to taxpayers living full time in a home for five of the last eight years.

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