Hi, @Willow2327!
Assisting you with the actual calculation of they amount of taxes you may owe is not something we do, but I'll provide some guidance to help you do the calculation yourself.
There's some information missing that we need to determine this. I'm going to make some assumptions. If I am wrong, please reply back, and I'll try to point you in the right direction. For a estimate, you can use TaxCaster to help you with that. (You'll want to enter your gain under "Gains/Losses (long-term)" under "Other Income", assuming you have owned the house for 366 days or more.)
I am assuming:
1. This is your primary residence.
2. You have lived in it and owned it for 2 of the last 5 years. (These don't need to be the same.), and
3. You haven't sold another "primary residence" in the last 2 years.
If all those are true, you can exclude $250,000 of the gain ($500,000 if you are Married Filing Jointly) of the gain. You would determine the gain by subtracting your basis (cost + $12,000 of improvements + $27,702 of selling costs) from the proceeds ($558,000). If you are Married Filing Jointly and paid more than $30,298 for the house, the entire gain would be excludable.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
