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naraj
New Member

How much will I owe if I sell my house within the next 3 months? I bought & moved into it 18 months ago. I anticipate making $150k profit & $75k in regular taxable wages.

I need a breakdown so I'll know if it's worth postponing the sale of my house for 6 or 7 more months until I've lived in my home 2 years or more, which would mean I would owe $0 tax on the profit. I don't have exact numbers yet so I just want an idea of how much I would owe how to calculate it, which tax bracket I'll be in, what capital gains rate I'll pay by selling it within 2 years of moving in, etc. Thanks!
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Opus 17
Level 15

How much will I owe if I sell my house within the next 3 months? I bought & moved into it 18 months ago. I anticipate making $150k profit & $75k in regular taxable wages.

If you are moving due to a recognized hardship, you may be able to take a partial gains exclusion—that would exclude 18/24ths (or 21/24ths if you sell in 3 months) of the gain.  If not, then all your gain is taxable at the long term cap gains rate of 15% in most cases.  If your gain is really $150K, that's about $22,500.

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

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Opus 17
Level 15

How much will I owe if I sell my house within the next 3 months? I bought & moved into it 18 months ago. I anticipate making $150k profit & $75k in regular taxable wages.

If you are moving due to a recognized hardship, you may be able to take a partial gains exclusion—that would exclude 18/24ths (or 21/24ths if you sell in 3 months) of the gain.  If not, then all your gain is taxable at the long term cap gains rate of 15% in most cases.  If your gain is really $150K, that's about $22,500.

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