If I sold my house and made a profit how much taxes would I have to pay if I did not buy right away?

Question

Thinking of selling my house but not buying another house right away. House is sold under $250, 000 and so is profit.

Answer 1

If you lived in the house for at least 2 of the last 5 years, you will not have any capital gains tax to pay.  

Answer 2

If you had a gain on the sale, it would be considered a capital gain, and would be taxed at a maximum rate of 15%.  if you qualified for the exclusion, there would be no tax on the gain.  See IRS Publication 523 for details.  It would make no difference if you bought another home right away or not.

Answer 3

If you lived in Australia there is no tax on the sale of your home which is your primary place of residence. You do not mention where you live so it makes it difficult for Yahoo members to answer your question.