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josh7
New Member

If I sell my house that I bouth in Auguat 2017 will I have to pay capital gains?

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? 

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Accepted Solutions
KrisD
Intuit Alumni

If I sell my house that I bouth in Auguat 2017 will I have to pay capital gains?

Yes, the exclusion only applies if you live in the house 2 of the last 5 years. 

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3 Replies
KrisD
Intuit Alumni

If I sell my house that I bouth in Auguat 2017 will I have to pay capital gains?

Yes, the exclusion only applies if you live in the house 2 of the last 5 years. 

View solution in original post

josh7
New Member

If I sell my house that I bouth in Auguat 2017 will I have to pay capital gains?

Thank you. So If I wait until August 28th 2019 to sell my house I shouldn't have to pay on the net gain?
KrisD
Intuit Alumni

If I sell my house that I bouth in Auguat 2017 will I have to pay capital gains?

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>
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