If we have not lived in the home we are selling for 2 out of 5 previous years is there any options when it comes to capital gain? If we have to pay how much?

[MichaelL1]

Long term (over one year) are much more favorable but it depends on other income on the return and the amount of the gain you have.

Here are the long term capital gains tax rates:

Tax rate     Single                     Joint                           Head of household

0%           $0 to $38,600           $0-$77,200                $0-$51,700

15%         $38,601-$425,800    $77,201-$479,000     $51,701-$452,400

20%         $425,801 and up       $479,001 and up       $452,401 and up

[whitjames_stucki]

Is the amounts on how much we gin or how much we make because of employment?

[whitjames_stucki]

Gain*

[MichaelL1]

The gain on the home is taxed more favorable however the rate is determined by total income on the return.

[whitjames_stucki]

When we will know how much we owe?  When we do taxes next year?  

[MichaelL1]

Yes, or you can estimate by going to your TurboTax
Federal Taxes
Other Tax Situations
Tax forms
to W-4's and estimates