You would have no capital gains tax if you qualified for the home sale exclusion because your profit would be less than $250,000.
You should still report the sale your tax return so IRS knows you did not make any money.
| Sale Price | $558,000 |
| Closing costs | -$27,702 |
| Net Sales Price | $530,298 |
| | |
| Purchase price | $269,900 |
| Improvements | $12,000 |
| Cost + Improvements | $281,900 |
| | |
| Profit/Loss | $248,398 |
