I was limited on the title, so I will provide a more detailed question here.
I am single, I do my own taxes with turbo tax have been for years. I lived in my previous home for more than 8 years. In February of 2019 I bought a new property in the same city as my primary residence; I posted my now "old" home for sale and it just recently sold for more than 250k.
At the title company while signing documents, a 1099 was required due to the house value being more than $250k for single persons, so the IRS has a record of the sale. With that being said, my question is do I have to pay taxes on the capital earned from the old property? especially if there is a new home that was purchased as a primary replacement residence?
Thanks!
You'll need to sign in or create an account to connect with an expert.
If you qualify for the exclusion, you may end up with zero taxable gain. If not, the gains are taxable.
If you meet the qualifications to use the exclusion, any gain over that amount is a capital gain. The exclusions are $250,000 for single, and $500,000 for married filing jointly. See the rules below.
Does Your Home Sale Qualify for Maximum Exclusion
The tax code recognizes the importance of home ownership by providing certain tax breaks when you sell your home. To qualify for these breaks, your home must meet the Eligibility Test , which is explained later.
How your sale qualifies. Your sale qualifies for exclusion of $250,000 gain ($500,000 if married filing jointly) if all of the following requirements are met.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
chinyen28
New Member
osgood53
New Member
NeUnhappy
New Member
slowreader
Level 4
wcur729366
New Member
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.