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TaxMomNJ
TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience:  7 years experience with tax preparation company, over 500 hours of tax courses taken
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if you sell a house and make money do you owe taxes

Resolved Question:

if you sell a house and make money do you owe taxes
Submitted: 5 years ago.
Category: Tax
Expert:  TaxMomNJ replied 5 years ago.

Debra, if you can answer a few questions for me, I can be sure to help you out.

 

Is this your primary residence home, a rental home, a vacation home?

 

How long have you lived in the home?

 

Have you ever owned a home before? Have you ever sold another home? If so, how long ago?

 

How much did you make on the sale of the house? What is your filing status?

Customer: replied 5 years ago.
It was our primary home
we lived there 5 1/2 years
not before the one we sold
92500.00
Expert:  TaxMomNJ replied 5 years ago.

Debra,


There is good news for you. You do not owe any taxes on the sale of the home. You are eligible to "exclude gain up to $250,000". The $250,000 is for a single taxpayer; it is $500,000 for married taxpayers.

 

Because you lived in the house for at least two years, owned the home for at least two years, and did not have a gain of more than $250,000, you are eligible for this exclusion.

 

You can read more about the exclusion here: http://www.irs.gov/publications/p523/ar02.html#d0e2017

 

Please let me know if I can help you further.

TaxMomNJ, Senior Tax Advisor
Category: Tax
Satisfied Customers: 245
Experience: 7 years experience with tax preparation company, over 500 hours of tax courses taken
TaxMomNJ and 2 other Tax Specialists are ready to help you

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