I sold a home in 2017 and am concerned about your capital gains tax calculation. I gained $130,000 profit but I'm supposed to be exempt if under $250$250,000 right?

Forum|Forum|7 years ago
June 5, 2019
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My house sold for $415,000 and I paid $282,000 for it 10 years ago. Do I have to pay capital gains?

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Best answer by PaulaM

Maybe not if you meet the requirements below. If this is your case, remove the home sale from your return, unless you received a 1099-S form.

For the home sale, if this was your primary home you may not need to enter it all in TurboTax. You may exclude up to $250,000 ($500,000 for married filing joint) of the gain if all requirements are met.

Home exclusion requirements:

You owned the home
It was your main home for two years or more within the five years leading up to the sale
You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

https://ttlc.intuit.com/questions/1899435-is-the-money-i-made-from-a-home-sale-taxable

Do not report the sale of your main home on your tax return unless:

You have a gain and do not qualify to exclude all of it,
You have a gain and choose not to exclude it, or
You have a loss and received a Form 1099-S.

PaulaM

Answer

Alumni - Expert

Maybe not if you meet the requirements below. If this is your case, remove the home sale from your return, unless you received a 1099-S form.

Home exclusion requirements:

You owned the home
It was your main home for two years or more within the five years leading up to the sale
You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

https://ttlc.intuit.com/questions/1899435-is-the-money-i-made-from-a-home-sale-taxable

Do not report the sale of your main home on your tax return unless: