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TaxRobin
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Experience:  International tax
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will I pay capital gains tax when I sell my home & dont purchase

Resolved Question:

will I pay capital gains tax when I sell my home & don`t purchase another
Submitted: 3 years ago.
Category: Tax
Expert:  TaxRobin replied 3 years ago.
Hello,
Normally you don't have to pay Capital Gains Tax when you sell or dispose of your own home, as you may be entitled to Private Residence Relief. Private Residence Relief may exempt all or part of any gain you may have made.
When you sell or dispose of your own home you won't have to pay any Capital Gains Tax if you satisfy two conditions. For the whole time you've owned it both the following must apply:
it's been your only home or main residence
you have used it as your home and nothing else

It is not a requirement that you replace your home when sold.
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