Solved: In August 2016 I sold my last house in October 2016 I bought this house if I sell this house now is it considered capital gains or can I keep the profit?
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jasonvahsholtz
New Member

In August 2016 I sold my last house in October 2016 I bought this house if I sell this house now is it considered capital gains or can I keep the profit?

 
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CarolynM
Level 1

In August 2016 I sold my last house in October 2016 I bought this house if I sell this house now is it considered capital gains or can I keep the profit?

Yes, if you now sell your home you bought in October, 2016, and you have lived in this home since it was purchased, you qualify for the home sale exclusion from capital gains.

You must have resided in the home 2 of the last 5 years to qualify. You met this test in October, 2018.

Follow this link for more information: Home Sale Exclusion

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CarolynM
Level 1

In August 2016 I sold my last house in October 2016 I bought this house if I sell this house now is it considered capital gains or can I keep the profit?

Yes, if you now sell your home you bought in October, 2016, and you have lived in this home since it was purchased, you qualify for the home sale exclusion from capital gains.

You must have resided in the home 2 of the last 5 years to qualify. You met this test in October, 2018.

Follow this link for more information: Home Sale Exclusion

View solution in original post

lisa6580
New Member

In August 2016 I sold my last house in October 2016 I bought this house if I sell this house now is it considered capital gains or can I keep the profit?

Can anyone explain the steps of how to enter this into turbo tax? I lived in house 2 of 5 years prior to selling in 2018 and it is within the 250k single / 500k married limit. So we definitely qualify for the exclusion but Turbo tax does not seem to be excluding it.
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