Buying a new house before selling my old home what will be the tax implications?
If you are buying a new home and you already own it, you need to think about what you will do with your home. (in that case it will be your primary residence for both of you) and if you are buying one you should consider tax wisely. Want to keep your old home? Hire it? Or sell it ?. Time for everything is very important here. And there is no definite answer to what will save your tax costs. It all depends on your personal situation so it is best to talk to a financial professional who can give you personal advice. If you are buying a new home and are not selling an old one because you might consider renting it in the future you might consider the following taxes: Capital Gain Tax Stamp Duty Land Tax Income Tax Capital Gain Tax: You will have to pay capital gains tax when you sell a property that is not your main home, used for any commercial purpose and you allow it. So if you buy a new house before selling the old one you will face CGT in any profits you will make. While you may no