You'll need to sign in or create an account to connect with an expert.
No one can really tell you how much tax you would have to pay, because it depends on your other income and perhaps other factors. But if you provide some more information we can give you an idea of how much taxable income you will have from selling the house.
Is the house that you are selling your main home? Has it been your main home since 2017? If it's not your main home, who is living in it? Do you rent it out?
Did you pay your daughter for the house, or was it a gift from her to you? If you paid for it, how much did you pay? About how much do you think the house would sell for?
You would have long-term capital gain from selling the house. The gain would be the amount you sell it for minus your basis. If the house was a gift from your daughter, your basis is the amount that she paid for it. If you bought it from her, your basis is the amount you paid. If you did not pay the full market value, it's more complicated because it's a partial gift. If you made any additions or improvements to the house, you add the cost of the additions or improvements to your basis.
If it's your main home, you would probably qualify to exclude $250,000 of your gain from being taxed.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
munger
Level 2
siremonger
Level 1
gr3849
Level 2
gr3849
Level 2
TMCJ
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.