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Other financial discussions
Reinvesting the gains from the sale of personal residence on a new personal residence to defer the gains on the sale was removed form the tax code in 1997.
Gain or Loss equals Sales Price minus Selling Costs minus Adjusted Basis of the home (Purchase price plus the cost of improvements prior to the sale)
You will have a partial exclusion since you are selling the home due to a work-related move and will not owe capital gains taxes on the gain.
See IRS Publication 523, Selling Your Home page 6 - https://www.irs.gov/pub/irs-pdf/p523.pdf#pqge=6
Use Worksheet 1 on page 7 to determine your exclusion.
‎September 20, 2021
7:57 AM