2023 Taxes

Sunny24 — Tue, 10 Mar 2026 06:55:40 GMT

I sold my home for little over a million dollars in 2022. In 2022, I've only making less than $40,000/yr. I am single. How much taxes will I have to pay in 2023? Is there anything to bring that cost down?

Thank you!

Re: 2023 Taxes

xmasbaby0 — Wed, 16 Nov 2022 19:08:06 GMT

SALE OF HOUSE

If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).

If you are using online TT, you need Premier or Self-Employed software to report the 1099-S
.https://ttlc.intuit.com/questions/1901135-i-sold-my-home-at-a-loss-is-this-deductible

Re: 2023 Taxes

Sunny24 — Wed, 16 Nov 2022 19:11:27 GMT

Thank you! I purchased a condo but didn't use up all the money...so I guess I'll be paying taxes with that!

topic 2023 Taxes in Get your taxes done using TurboTax

2023 Taxes

Re: 2023 Taxes

Re: 2023 Taxes