capital gains

You won't pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you're Married Filing Jointly, you won't pay taxes on the first $500,000.That income is free and clear as long as:

• 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.

When you sell a second home, the tax situation is different.

 

TurboTax will show you if your home sale is taxable.

1. Open or continue your return in TurboTax
2. Search for home sale
3. Select the Jump to link in the search results
4. Answer Yes to Did you sell or have your home foreclosed in 2021? on the Sale of Your Main Home screen
5. Follow the instructions to enter your info

Related Information:

• Where do I enter the sale of a second home, an inherited home, or land on my 2021 taxes?
• I sold my home at a loss. Is this deductible?
• Can I deduct home improvements on my tax return?
• Can I claim property (real estate) taxes if I recently bought or sold my home?

If I moved out of the matrimonial home back to my original home prior to the sale of the matrimonial home but had many of my possessions still at the matrimonial home until the sale of the home - is this still considered selling of primary residence?

Multiple duplications of this post.

 

• Posted Capital Gains on Matrimonial Home on [Event] Ask the Experts: Life Events in 2021. 2 hours ago
• Posted Capital Gains on Matrimonial Home on Investors & landlords. 3 hours ago
• Posted capital gains on Investors & landlords. 6 hours ago