I sold a home in 2017 and am concerned about your capital gains tax calculation. I gained $130,000 profit but I'm supposed to be exempt if under $250 $250,000 right?

[elaine-gentry]

My house sold for $415,000 and I paid $282,000 for it 10 years ago.  Do I have to pay capital gains?

[PaulaM · Accepted solution]

Maybe not if you meet the requirements below. If this is your case, remove the home sale from your return, unless you received a 1099-S form.

For the home sale, if this was your primary home you may not need to enter it all in TurboTax. You may exclude up to $250,000 ($500,000 for married filing joint) of the gain if all requirements are met. 

Home exclusion requirements:

• You owned the home
• It was your main home for two years or more within the five years leading up to the sale
• You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.

https://ttlc.intuit.com/questions/1899435-is-the-money-i-made-from-a-home-sale-taxable 

Do not report the sale of your main home on your tax return unless:

• You have a gain and do not qualify to exclude all of it,
• You have a gain and choose not to exclude it, or
• You have a loss and received a Form 1099-S.