- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the gains tax on the sale of a home pro-rated? We are thinking about selling our house 2-3 months before our two year mark. We bought at $215k and might sell at $290k.
Do you have an Intuit account?
You'll need to sign in or create an account to connect with an expert.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the gains tax on the sale of a home pro-rated? We are thinking about selling our house 2-3 months before our two year mark. We bought at $215k and might sell at $290k.
The exclusion is not pro-rated. You may, however, qualify for a partial exclusion if the main reason for the sale was a change in workplace location, a health issue, or an unforeseeable event.
See https://www.irs.gov/publications/p523#en_US_2018_publink100073096
Otherwise, you must have owned and used your home as your main home for a period aggregating at least two years out of the five years prior to its date of sale.
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Is the gains tax on the sale of a home pro-rated? We are thinking about selling our house 2-3 months before our two year mark. We bought at $215k and might sell at $290k.
Under certain circumstances, you may be able to avoid paying taxes if you lived there less than 2 years. The most common is moving due to relocating for work, but see Publication 523 for details:
https://www.irs.gov/publications/p523#en_US_2017_publink100073096
Still have questions?
Make a post