2341118
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ph147
New Member

If I sold my home and made 83k capital gains profit, and my taxable joint income filing married is around 65k for 2021, how much should I set aside to pay CG taxes?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

4 Replies
Hal_Al
Level 15

If I sold my home and made 83k capital gains profit, and my taxable joint income filing married is around 65k for 2021, how much should I set aside to pay CG taxes?

None.  Most home sales are tax free. 

 

The capital gain on the sale of your primary home is not taxable (up to $250K, $500K married). To be eligible you must have lived in and owned the home for at least 2 out of the 5 year prior to sale. You do not even need to report it on your tax return, unless you got a tax document, usually a 1099-S. The 1099-S may have been included in your closing documents, instead of arriving in the mail, in Jan. or Feb. of the following year.

ph147
New Member

If I sold my home and made 83k capital gains profit, and my taxable joint income filing married is around 65k for 2021, how much should I set aside to pay CG taxes?

Apologies, I should also note in extras that we are military, only lived in the house for 1 year 4 months, so to my understanding we didn't qualify for the minimum 2 year requirement. @Hal_Al 

If I sold my home and made 83k capital gains profit, and my taxable joint income filing married is around 65k for 2021, how much should I set aside to pay CG taxes?

If you moved due to orders then you can prorate the exclusion so the amount you profited  would be tax free. 

 

 

Hal_Al
Level 15

If I sold my home and made 83k capital gains profit, and my taxable joint income filing married is around 65k for 2021, how much should I set aside to pay CG taxes?

A job change, of over 50 miles,  including military orders, means you do not have to meet the full 2 year rule,  to get the capital gain exclusion on the sale of your primary home. But, the maximum exclusion is reduced. In your case, you are limited to 16/24 x $500,000 = $333,333.  Since you total gain ($65K) is less than that, none of it will be taxable. 

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question