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Question

How does sale of home in 2022 and building a home (ETA 6/2023) impact my 2022 taxesng a

Forum|Forum|3 years ago
November 16, 2022
1 reply
6 views

No text available

Employee Tax Expert

Employee Tax Expert

There are several variables to consider when selling a home. The simple rule is that if you owned and lived in the home for two of the prior five years, you can exclude up to $250,000 ($500,000 if filing jointly with a spouse) in capital gains.

If the home was ever used for business, you may have to reduce your tax basis by the amount of depreciation allowed or allowable. TurboTax will walk you through the sale. Also, your new home won't affect any potential capital gains or impact your 2022 tax return.

Check out this link about possible deductions to reduce capital gains.

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