Carl
Level 15

Investors & landlords

Unfortunately, your age gets you no tax breaks or any special considerations.

However, if the property you sold was your primary residence for at least 2 of the last 5 years you owned it (731 of the last 1826 days you owned it) counting back from the closing date of the sale, then you qualify for the capital gains tax exclusion.

That allows you to exclude up to $250K if filing single, or $500K if filing MFJ from your gain on the sale, from being taxed.

Assuming the property you sold was never used in business of any type (rental, home office, etc) then you report the sale in the "Sale of Home (Gain or Loss)" section.