I sold my primary home for about 24k more then I paid about a year after living there.. I needed a bigger house due to a baby on the way. After fees and paying off old mortgage, as well as a down payment on the new house, that money is spent, but I forgot about taxes. How badly will i be taxed on that profit?
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You won't be taxed badly, if at all. If all of the following apply, you don't need to report it.
If you are required to report your home sale, there will be a space in the software to enter the date sold, Selling Price, and Sales Expenses. You can deduct the items listed below in Sales Expenses. You cannot deduct normal maintenance items, but you can deduct expenses to prepare the home for sale.
Sales expenses are listed in the sellers column of your settlement statement and include:
Sales expenses do not include:
Is the Sale of My Main Home Taxable?
https://ttlc.intuit.com/replies/3300213
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