If I sell my home after 1 year but under 2 years what's my capital gain tax rate?

[hilldylan27]

Primary resident. Job relocation. Trying to calculate bottom sell price to not have to bring extra cash to close.

[DoninGA]

You may be eligible for a partial exclusion if you are selling the home due to work-related move.

See IRS Publication 523 on page 6 - https://www.irs.gov/pub/irs-pdf/p523.pdf#page=6

If eligible and you have lived and owned the home for 1 year then your exclusion would be 12/24 times $250,000 if filing Single or 12/24 times $500,000 if filing as Married Filing Jointly and your spouse also lived in the home for 1 year.

Gain or Loss on the Home Sale = Sales price minus sales expenses minus Adjusted Basis of the home (Purchase price plus the cost of any improvements to the home prior to the sale)

If your Gain on the sale is less than $125,000 if Single or $250,000 if Married Filing Jointly there would be no capital gains tax on the sale and the sale is not reported on a tax return.

If you had a gain greater then the exclusion amounts then you would have to report the sale. Also, if you received a Form 1099-S for the sale either with a gain or a loss, the sale has to be reported.

[Hal_Al]

Q. What's my capital gain tax rate?

A.  Somewhere between 0% and 23. 8% depending on your other income.  Since you owned more than one year, the gain is subject to long term capiatl gains rates. 

See https://www.nerdwallet.com/article/taxes/capital-gains-tax-rates#:~:text=Long%2Dterm%20capital%20gai....