topic I owned a home, for 12 months,sold it and moved due to work - why is the gain taxable? in Deductions & credits

I owned a home, for 12 months,sold it and moved due to work - why is the gain taxable?

edmcbla — Mon, 03 Jun 2019 18:34:24 GMT

I bought a home in Nashville in July 2017, sold it in July 2018 due to a change in employment and moved to Michigan in July 2018. I bought a home in michigan in 2018. Is the gain on the home I sold in Nashville taxable?

Yes, it can be. Since you did not hold the home for at l...

DanielV01 — Mon, 03 Jun 2019 18:34:25 GMT

Yes, it can be. Since you did not hold the home for at least two years, it does not qualify for the Gain on the Sale of Home Exclusion. If you held the home at least 1 year and 1 day, the gain will be taxed at more favorable long-term capital gains rates, but it is a taxable gain.