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

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

grimalt_718 — Tue, 19 Oct 2021 22:25:08 GMT

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

DoninGA — Tue, 19 Oct 2021 22:39:40 GMT

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.

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

VolvoGirl — Tue, 19 Oct 2021 22:46:41 GMT

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.

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

grimalt_718 — Wed, 20 Oct 2021 00:28:45 GMT

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?

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

VolvoGirl — Wed, 20 Oct 2021 00:40:11 GMT

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.

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

grimalt_718 — Wed, 20 Oct 2021 00:49:45 GMT

Okay thank you so much!