JulieS
Expert Alumni

Deductions & credits

Yes, if you did not both own and live in the home for at least two years during the five years prior to the sale, you will have a taxable gain on the sale. There are some exceptions to this, for job re-assignment and military service. 

 

Assuming you owned the home for more than one year, your gain would be a long term capital gain. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"