I am going to be selling my house this Fall (hopefully!) and moving into another home. By the time I will have sold the house I will have been there for a little over a year.

I have put about $25k into the house in improvements over the past year. After real estate commission, my gain on the house would be about $20k.

I guess my question is...do I have a taxable gain on the house? I wasn't sure since my improvements cost more than the gain.

I also heard that if you reinvest the gain into improvements in another primary residence that you would not have to pay taxes. Is that true?

Yours in real estate fun,

Chris F.