home sale

Forum|Forum|4 years ago
January 26, 2022
1 reply
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I am single and sold a home in 2021. How can I save money on capital gains over $250k? thanks!

AnnetteB6

Level 15

Since 2021 is over, there is not a lot of opportunities to save on your tax return at this point.

When you are calculating the gain on the sale of your home, be sure that you have the correct basis and that you have taken into account any major improvements that you made to the home while you owned it. See this TurboTax article for more information: Can I deduct home improvements on my tax return?

Otherwise, the only other items that come to mind that would affect your bottom line when filing your return are making a deductible contribution to a Traditional IRA if you are eligible, or making a deductible contribution to a Health Savings Account if you are eligible.

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