Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
grimalt_718
New Member

Moving to Washington from Arizona. Purchased my home 6 months ago. Will I get Taxed for Capital gains?

 
5 Replies
DoninGA
Level 15

Moving to Washington from Arizona. Purchased my home 6 months ago. Will I get Taxed for Capital gains?

Why?  Did you sell your home?

 

If you sold your primary personal residence and you lived in and owned the home for at least two years in the five year period on the date of sale, you do not have to report the sale if your gains are less then the exclusion amounts of $250,000 if filing Single or $500,000 if filing Married Filing Jointly (and both lived in the home for two years).

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.

VolvoGirl
Level 15

Moving to Washington from Arizona. Purchased my home 6 months ago. Will I get Taxed for Capital gains?

I assumed you bought your AZ home 6 months ago and are selling it to move to Washington?  Yes there will be tax on it.   You might get an allowance if you moved for a job change.   

grimalt_718
New Member

Moving to Washington from Arizona. Purchased my home 6 months ago. Will I get Taxed for Capital gains?

Thank you for your thoughtful response. I’ve only been in the home for 6 months. 

Is there any tax cut for using the amount gained for another primary?

VolvoGirl
Level 15

Moving to Washington from Arizona. Purchased my home 6 months ago. Will I get Taxed for Capital gains?

No.  The old rule about rolling the gain into another house went out in 1997.  Now it doesn't matter what you do with the proceeds.

grimalt_718
New Member

Moving to Washington from Arizona. Purchased my home 6 months ago. Will I get Taxed for Capital gains?

Okay thank you so much! 

Dynamic AdsDynamic Ads
Privacy Settings
v