June 6, 2019 12:07 AM
last updated June 06, 2019 12:07 AM
I closed on my current home on August 28th, 2017 for a price of $321,000. I am now thinking of selling that home and believe I can sell it for $365,000. Would I be responsible for paying capital gains on the net gain from the sale?
1 Best answer
You shouldn't owe capital gains tax, but this is a tax law. Read Pub 523 for all the information. <a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p523">https://www.irs.gov/publications/p523</a>