Hello,
My capital gain tax break is 15% now.
If i plan to stop work next year and sell the house next year, and I don't have W2 income. My break will decrease to less than $40000/year. I don' t have to pay tax by selling the house next year. is it correct?
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SALE OF HOUSE
If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)
If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).
NOTE: If you have ever used the home as rental property or claimed a home office, you have more information to enter
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