Novice question: if I sell my house and then rent for a year will I be taxed on my proceeds from my house sale as a capital gain? Do I need to reinvest them by a certain amount of time?

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Yes, you will be taxed.

Aren’t you are allowed a $250k exemption from taxes on any gains as a single person and $500k as married couple? Or is that conditional on buying another primary residence within 6 months?

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