I sold my home and moved in with my daughter. Do I get a one time exemption from capital gains for selling my primary home
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I sold my home and moved in with my daughter. Do I get a one time exemption from capital gains for selling my primary home

I am disabled so I will not be buying another home in the future.  The house I sold is the last home I will own.

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I sold my home and moved in with my daughter. Do I get a one time exemption from capital gains for selling my primary home

Yes, If you owned and lived in your home for two of the five years before the sale, then up to $250,000 of capital gain is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. The law lets you "exclude" this otherwise taxable profit from your taxable income.

Please read this TurboTax article for more information:

https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...



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