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Level 2

Question

Sold home

3 replies
16 views

Hello,

We bought a home on 06/2019, after our family outgrew the condo we sold it on 06/2021 for a profit and on 10/2021 we bought a new home as we waited for it to be built, I figured we would owe capital gains tax on the sale of the home but as I was going through TurboTax and answered the questions it either said I was exempt from the capital gains taxes or there was also an option to differ the taxes if we were planning to live at the new home for a certain amount of years. Is this correct?

Alumni - Intuit

If you live in your primary residence for two out of the last five years you are allowed to not pay taxes on up to $250,000 in profit on the sale of that residence. Looks like you made the two year cut.

Here is some more info.

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Javocas21Author

Level 2

I apologize, we bought the condo on 09/2019 and sold it on 06/2021. So just 3 months away from the 2 years but we didn’t have an option as we needed to have the condo sold so we could buy the new home.

Alumni - Intuit

There are cases where taxpayers can qualify for a partial exclusion of gain. IRS Publication 523 page 6 states:

If you don't meet the Eligibility Test, you may still qualify for a partial exclusion of gain.

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