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cagal63
New Member

If I have lived in my new house for less that 2 years and then sell it but make no profit, do I still have to pay capital gains?

 
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rjs
Level 15
Level 15

If I have lived in my new house for less that 2 years and then sell it but make no profit, do I still have to pay capital gains?

If you have no gain (profit), you do not have to pay any tax. You are taxed on the profit. If there's no profit, there is nothing to pay tax on.

(Note that you cannot deduct a loss on your personal residence.)

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1 Reply
rjs
Level 15
Level 15

If I have lived in my new house for less that 2 years and then sell it but make no profit, do I still have to pay capital gains?

If you have no gain (profit), you do not have to pay any tax. You are taxed on the profit. If there's no profit, there is nothing to pay tax on.

(Note that you cannot deduct a loss on your personal residence.)

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