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abangalon
New Member

Bought our home for $970,000, sold it for $1,025,000 after owning it for a 1 year. After closing costs, our net is still $970,000. Is that still considered a gain?

We're a married couple looking to sell our home after 1 year but less than 2 years. Highest tax bracket.

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Accepted Solutions
fanfare
Level 15

Bought our home for $970,000, sold it for $1,025,000 after owning it for a 1 year. After closing costs, our net is still $970,000. Is that still considered a gain?

that's a wash.

No Gain, no capital gains tax.

View solution in original post

3 Replies
fanfare
Level 15

Bought our home for $970,000, sold it for $1,025,000 after owning it for a 1 year. After closing costs, our net is still $970,000. Is that still considered a gain?

that's a wash.

No Gain, no capital gains tax.

fanfare
Level 15

Bought our home for $970,000, sold it for $1,025,000 after owning it for a 1 year. After closing costs, our net is still $970,000. Is that still considered a gain?

It is certainly  unlikely that the numbers will be identical, so you will have a small gain or loss to report.
Any gain is not eligible for exclusion.
Hal_Al
Level 15

Bought our home for $970,000, sold it for $1,025,000 after owning it for a 1 year. After closing costs, our net is still $970,000. Is that still considered a gain?

A gain is reportable and potentially taxable. A loss (on a home) is not deductible.
 If you got a form 1099-S, the sale will have to be reported on your tax return, to avoid an IRS inquiry.

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