<prompt> Human: Wife 29 and I 30 are selling our home to cash in on roughly 60k equity in the home. We were warned by an acquaintance thats worked in a CPA office that if we dont reinvest the money from the sale within 1 year, then wed have to pay capital gains on the earnings.Is this true?We had hoped to hold on to the money and build or purchase another home in 2018 or 2019 while renting, but now were concerned about taxes.Where might we find more information to help us understand the possible taxes?  <response>: IRS Publication 523 Selling Your HomeIf it was your main home for 2 out of last 5 years and you are married, you get to exclude 500K of capital gain. 