Can I postpone the tax on the gain on the sale of my house if I buy another home within a year?

This is another rule that went out in the 80’s. However, the good news is there is usually no need to worry about taxes on the sale of your residence. If you are single you can exclude $250,000 of your gain or, if you are married and filing jointly, you can exclude up to $500,000 of the gain as long as you lived in your home two out of the last five years.