2800651
You'll need to sign in or create an account to connect with an expert.
Remember that you can add any capital improvements made to your home’s cost basis. But, yes, you would have to pay any capital gain (usually taxed at 15%) and can’t spread the payment over 2 years. Your purchase of another home is not relevant.
@susan_ady-hotmai - how did you calculate the $48,000?
should be what sold the house for LESS the selling expenses (don't forget the commission) LESS what you purchased the house for originally LESS whatever you spent on improvements during your ownership of the home.
If you cannot pay the tax bill in full you can pay in installments but you cannot split reporting the sale onto more than one tax year returns.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
SZEDX Tg3eq45trhgadvcgb
Level 2
KTS2
Level 2
bombaycharlie
New Member
likesky1010
Level 3
Navigation
Returning Member