Hi All,
I have a quick sanity check question as my results would seem insane, except, it is the IRS after all.
In 2024 I sold my house I bought in 2012. Primary with my wife the whole time. Never used for anything else. I bought the home for $150k, sold it for $395k. I had a mortgage on it that was paid off with the sale of the home. TurboTax show the gain was $372k (sale price minus cost to sell) I didn't make nearly that much off the sale of the house. Does the IRS consider the cost of the house as income?
