Carl
Level 15

Deductions & credits

Your cost basis is $134,000 plus the cost of any qualified property improvements you made.

Subtract that cost basis from your selling price, and that will give you a rough idea of what your taxable gain will be. Just using the numbers you provided shows a capital gain of $26,000, but it will probably be less once you add your property improvement costs to your cost basis.

Yes, it will increase your AGI.

Yes, i will reduce (or possibly eliminate) your health insurance tax credits.