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Capital Gains tax on main residence less than 2 years

We bought a home in August 2020. We are Active Duty Military, and now 15 months later find ourselves needing to sell the house. We will likely be vacating the military in a short period of time (Unexpectedly), and we don't want a mortgage over our head if we no longer have the Military pay. This is our main residence, and this was not anticipated at time of purchase. We expected to be in the home at least 3-4 years. We have been in the home over a year, but less that the 2 years required for the capital gains exemption. We are trying to figure out how much we might owe if we have to sell the home now. We are looking at making aprox $38K on the home after paying off loan and  fees. We are Washington State residents, but the home is in California. We do not pay CA taxes. 

 

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Capital Gains tax on main residence less than 2 years

If you file jointly you pay no tax on capital gains if your taxable income is less than $80,800. Note that taxable income includes the capital gain but excludes your standard deduction ($25,100) or itemized deductions. The amount over that bracket is taxed at 15%. 

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