Can you give me any information on capital gains tax? Selling a home that I've not lived in two years.

[CatherineR]

Hi Sue,

Here is a link to the home sale rules so you can review the requirements to meet the capital gains exclusion:

https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...

There may be other circumstances (i.e. divorce, spousal death) that may qualify you for the exclusion so be sure to review it all.  

If you do not meet the home sale capital gain exclusions the gain will be taxed at capital gains tax rates which vary depending on your income level.  Here is a calculator that may assist with the tax impact of the home sale capital gain:

https://blog.turbotax.intuit.com/income-and-investments/capital-gains-tax-calculator-48615/

Calculating the gain accurately will be very important so make sure you have closing statements from the purchase and sale of the property.  Also any improvements done to the property over the time period owned should be added to the basis.   This may assist in your calculations:

https://finance.zacks.com/calculate-capital-gain-selling-house-3027.html