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bu10as
New Member

Capital Gains on Primary Residence lived in for less than two years but more than a year

What are the tax brackets for capital gains for real estate lived in for 22 months. Not selling due to hardship.

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4 Replies

Capital Gains on Primary Residence lived in for less than two years but more than a year

since you didn't provide sufficient info (marital status, standard deduction or itemized, etc)

you can use this website to calculate taxes based on 2021

https://turbotax.intuit.com/lp/ppc/2541?&srqs=null&cid=ppc_msn_nb_stan_all_na_tax-calculator_ty21-bu... 

 

 

a guess would be total taxes would be from 20% to 25% of taxable income. 

Hal_Al
Level 15

Capital Gains on Primary Residence lived in for less than two years but more than a year

If you do not qualify for the how sale exclusion because of the 2 year rule and do not qualify for a partial exception (for employment or health reasons or "unforeseen circumstances"), then the entire capital gain is subject to taxation.  Since you owned it more than a year, it will be taxed at long term capital gains rates.  Depending on your other income, that could be partially at 0% and the rest at 15%.  For higher income people, 15% to 23.8%.

Try this tool https://turbotax.intuit.com/tax-tools/calculators/taxcaster/?s=1. Enter your regular income first to see the regular tax. Then add the sale to see the effect.
Enter the difference between the sale price and what you paid for it originally as a long term capital gain (LTCG).  Depending on how much total income you have LTCG are partially taxed at 0%, 15%, 20% and/or 23.8%. 

 

 

Capital Gains on Primary Residence lived in for less than two years but more than a year

This website has a very simple capital gains tax calculator:

https://casaplorer.com/capital-gains-tax-calculator

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Capital Gains on Primary Residence lived in for less than two years but more than a year

Is there any way you can hold out for another 2 months? 

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