house sale tax URGENT

[WiccanKitten]

if I deposit large sum of money from house sale into bank will it be subject to tax?

[lady_p_gold]

Not if the property was your main residence

[Fitzer]

If it's from the sale of your only (or main residence) property then no, what it will be subject to is checking that it does indeed come from the sale of property and not any nefarious dealings.

[WiccanKitten]

So it is safe to put this money into a savings account? providing it is mt main residence?

[lady_p_gold]

yes quite safe .......

[dzug]

The interest on the savings account will be subject to tax, of course, but not the money itself.

[Loosehead]

The action of depositing the money will not itself involve the tax man. The whole tax issue will arise depending on the curcumstances.