Do I have to pay capital gains on the primary home I sold in 2018? I also claim home office expenses.

jfastuca · ‎June 3, 2019

Vanessa · ‎June 3, 2019

Possibly. If you don't meet the exclusion, then yes, you will need to pay capital gains on the home. To qualify for the exclusion you would have had to live in the home for 24 months out of the last 5 years. If you did then you can exclude up to $250,000 on the sale of the home (double that if married filing jointly and both lived there) as long as you did not take the excluded a sale of another home within 2 years of the sale of the home.

https://www.irs.gov/taxtopics/tc701

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Vanessa · ‎June 3, 2019

Possibly. If you don't meet the exclusion, then yes, you will need to pay capital gains on the home. To qualify for the exclusion you would have had to live in the home for 24 months out of the last 5 years. If you did then you can exclude up to $250,000 on the sale of the home (double that if married filing jointly and both lived there) as long as you did not take the excluded a sale of another home within 2 years of the sale of the home.

https://www.irs.gov/taxtopics/tc701

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Do I have to pay capital gains on the primary home I sold in 2018? I also claim home office expenses.