I bought a house and sold it within a year due to me loosing my job. Do I owe taxes on the money I made?

matthewepling · ‎February 4, 2020

MinhT1 · ‎February 4, 2020

There is an exclusion of capital gains of $250,000 ($500,000 if married filing jointly) on the sale of your principal residence if you have lived in it for at least two years during the 5 years preceding the sale.

Although you have lived in your home for less than two years, you may qualify for a partial exclusion due to unforeseeable events (job loss).

Please read this IRS publication for more information. Please see especially the part on Unforeseeable Events.

Edited 02/05/2020 | 07:45 AM PST

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MinhT1 · ‎February 4, 2020

There is an exclusion of capital gains of $250,000 ($500,000 if married filing jointly) on the sale of your principal residence if you have lived in it for at least two years during the 5 years preceding the sale.

Although you have lived in your home for less than two years, you may qualify for a partial exclusion due to unforeseeable events (job loss).

Please read this IRS publication for more information. Please see especially the part on Unforeseeable Events.

Edited 02/05/2020 | 07:45 AM PST

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

AmeliesUncle · ‎February 4, 2020

Probably not.

Losing your job most likely qualifies you for the Reduced Maximum Exclusion, which will likely eliminate any tax due on the profit.

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I bought a house and sold it within a year due to me loosing my job. Do I owe taxes on the money I made?