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From:  Marie
Date:  Wed, 05 Jul 2006

I live in Illinois, not California. If I sell my condo for $155,000, do I have to invest all the profit in a new place?

Answer

Date:  09 Aug 2006

Hello Marie,

See our article, "Could your residence be the ultimate tax shelter?"

Illinois appears to follow the federal tax law on the exclusion of gain from the sale of a principal residence.

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

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