timtg
New Member

Sold house for 380K. I bought for 285K 12 years ago & lived in it all 12. My gain was 95K. Single tax payer. Why is TT telling me I had a gain and have to pay taxes?

I would think that my gain being less than 250K for a single tax payer I would not have to pay taxes on the 95K gain.  Should I have not hit YES sold a house and just moved on?  I hit YES and then filled in the data and got the result of owing a lot of money due to a gain.