Hello @Shffk24505153 , fantastic question!
If you are required to pay any capital gains taxes for the sale of your home in 2024, you will pay those taxes in 2025, when you file your 2024 tax return.
In order to accurately report the sale of your home, I would suggest keeping all of the documents involving the sale of this house.
Usually, you will receive a form from the realtor stating any expenses you paid for in the sale of the home.
You will also want to find your records for how much you purchased the home for and the date that the home was purcahsed.
You will want to know when the house was sold and how much you sold it for.
Not everyone has to pay capital gains taxes on the sale of a home.
A person that files as single or head of household can exclude the first $250,000 in income made from selling the home.
A couple that files as married filing joint can exclude the first $500,000 in income made from selling the home.
Our TurboTax software will walk you through the process in the year following the sale of your home.
For more information about any potential taxes when selling a house, feel free to refer to the following TurboTax website: https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...
Thanks!
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