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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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If you sell your house after owning it for only 4 months, it

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If you sell your house after owning it for only 4 months, it being your primary residence, and you make less than $250 thousand profit, do you have to pay capital gains taxes on it? What if you make less than $32,000 a year income? Im confused on these laws.
Submitted: 5 years ago.
Category: Tax
Expert:  Marvin,EA replied 5 years ago.
Hello and thank you for using Just Answer. You have to live in your primary residence at least 2 out of 5 years to qualify for the $250,000 exclusion. Since you own the home for less than 12 months any gain from the sale will be tax at your ordinary income tax rate which can be 10%, 15%, 25%, 33% or 35%.
Customer: replied 5 years ago.
I have read that. Im confused because if there is only a 50,000 profit from my house & I have only lived in it for 4 months, then will I be taxed ordinary? It is my first home. I read that if your under a certain income bracket (32,000) you may not be taxed at all.
Expert:  Marvin,EA replied 5 years ago.

If you have long-term capital gain and if you are in the 10% or 15% tax brackets, your tax on long-term capital gain would be zero but since you only own the home for only 4 months any gain on the sale would be short-term capital tax at your ordiary tax rate. You must own the home for 12 months and 1 day for the gain to be long-term capital gain.

Expert:  Marvin,EA replied 5 years ago.
Here is a link for more information (www.irs.gov/pub/irs-pdf/i1040sd.pdf) .
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1642
Experience: Enrolled to Represent Taxpayers Before The IRS
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