hello, i sold a house in 2024 and plan to sell another one in a couple of months. will i have to pay capital gains tax on the amount less than $250k?

[Hal_Al]

Yes.

"Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule."

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

[epb140]

Hello, thank you for your reply.  Would I be able to deduct my sales cost basis since I would be subject to paying taxes and what would the tax rate be?

[Vanessa A]

Yes.  You would still be able to deduct the cost basis of the house.  The tax rate would depend on your other income, but it would be a capital gains sale. 

Capital Gains