selling house with capital gain tax

Forum|Forum|1 year ago
October 30, 2024
1 reply
10 views

Hello,

My capital gain tax break is 15% now.

If i plan to stop work next year and sell the house next year, and I don't have W2 income. My break will decrease to less than $40000/year. I don' t have to pay tax by selling the house next year. is it correct?

xmasbaby0

Level 15

SALE OF HOUSE

If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

If you are using online TT, you need Premium software to report the 1099-S

NOTE: If you have ever used the home as rental property or claimed a home office, you have more information to enter

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**