Sold home

Forum|Forum|4 years ago
January 26, 2022
1 reply
0 views

Hello,

We bought a home on 06/2019, after our family outgrew the condo we sold it on 06/2021 for a profit and on 10/2021 we bought a new home as we waited for it to be built, I figured we would owe capital gains tax on the sale of the home but as I was going through TurboTax and answered the questions it either said I was exempt from the capital gains taxes or there was also an option to differ the taxes if we were planning to live at the new home for a certain amount of years. Is this correct?

RobertB4444

Level 15

If you live in your primary residence for two out of the last five years you are allowed to not pay taxes on up to $250,000 in profit on the sale of that residence. Looks like you made the two year cut.

Here is some more info.

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Javocas21Author

Level 2

I apologize, we bought the condo on 09/2019 and sold it on 06/2021. So just 3 months away from the 2 years but we didn’t have an option as we needed to have the condo sold so we could buy the new home.