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Tax question

A

Arkitech

Diamond Member
I'm thinking of putting my house up for sale this year but I've only had it for about 15 or 16 months. Would I get hit with captial gain taxes?
 
2 out of the last 5

but there are some exceptions that make it prorated (like job transfer,disability and stuff liike that)
 
Differs by state for the state taxes but usually 2. Florida is different I know but don't know what other states have different numbers.
 
holy crap! I was just gonna post this same question!!!

Doesn't it have something to do with how soon after you buy another home?
 
Hello, I'm just a cpa in training, but the correct answer is if you have lived there for 2 of the past 5 years you don't have to pay tax on 250k of capital gains; that's if you're single, if you're married, you can shield 500k of capital gains. However, if you have lived there less than the 2 years, there are a few cases where you can shield some of your gain (I know divorce is one and I think job relocation is another, but don't quote me on that).
 
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