If I sold a home, for $472K in May, originally bought it in 2005 for $270K, but refinanced it in Feb (of 2021) for $401K. What number do I use to calculate the tax?

dansova · ‎March 4, 2022

VolvoGirl · ‎March 4, 2022

The mortgage or refinance doesn't matter or figure into it. So basically it's the sales price 472k - cost 270k

See this good answer

https://ttlc.intuit.com/community/tax-credits-deductions/discussion/in-regard-to-the-cost-basis-for-...

VolvoGirl · ‎March 4, 2022

Was it your primary home? It will probably be excluded from taxes.

For a primary home, if you owned and lived in your house for 2 out of the last 5 years when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax. You can not take a loss on your tax return.

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If I sold a home, for $472K in May, originally bought it in 2005 for $270K, but refinanced it in Feb (of 2021) for $401K. What number do I use to calculate the tax?

If I sold a home, for $472K in May, originally bought it in 2005 for $270K, but refinanced it in Feb (of 2021) for $401K. What number do I use to calculate the tax?

If I sold a home, for $472K in May, originally bought it in 2005 for $270K, but refinanced it in Feb (of 2021) for $401K. What number do I use to calculate the tax?

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If I sold a home, for $472K in May, originally bought it in 2005 for $270K, but refinanced it in Feb (of 2021) for $401K. What number do I use to calculate the tax?

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If I sold a home, for $472K in May, originally bought it in 2005 for $270K, but refinanced it in Feb (of 2021) for $401K. What number do I use to calculate the tax?

If I sold a home, for $472K in May, originally bought it in 2005 for $270K, but refinanced it in Feb (of 2021) for $401K. What number do I use to calculate the tax?

Unlock tailored help options in your account.

Get more help

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