TomK2023
Expert Alumni

Deductions & credits

If you owned and lived in the home for a total of two of the five years before the sale, then up to $250,000 of profit is tax-free (or up to $500,000 if you are married and file a joint return). If your profit exceeds the $250,000 or $500,000 limit, the excess is typically reported as a capital gain on Schedule D.

 

For more information, see this helpful TurboTax article: Tax Aspects of Home Ownership: Selling a Home

 

@barretthackbart 

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