You'll need to sign in or create an account to connect with an expert.
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.
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 you moved due to orders then you can prorate the exclusion so the amount you profited would be tax free.
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.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
VAer
Level 4
valleybuy
Level 3
VERYfrustrated1
Level 2
ChicagoJ
Level 3
yanks772
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.