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kayla_hollinger
New Member

If I own a home for less than 2 years and sell it for less than a $250,000 profit will I have to pay capital gains.

This is coming from someone who’s single and has not expanded their family or any medical issues and no deaths in the immediate family. 

1 Reply
Critter
Level 15

If I own a home for less than 2 years and sell it for less than a $250,000 profit will I have to pay capital gains.


In reference to gains on the sale of your home where you did not live or own the home for at least two years during the five years from the date of sale, a Partial Exclusion May Be Available  -  See IRS Publication 523 Selling Your Home page 4 - http://www.irs.gov/pub/irs-pdf/p523.pdf#page=4



The TurboTax program will cover this partial exclusion in the Sale of Home interview -

·         Click on Federal Taxes

·         Click on Wages and Income

·         Click on I'll choose what I work on

·         Scroll down to Less Common Income

·         On Sale of Home (gain or loss), click on the start or update button



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