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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.
‎October 22, 2020
9:38 AM