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emc011075
emc011075, Tax adviser
Category: Tax
Satisfied Customers: 2573
Experience:  IRS licensed Enrolled Agent and tax instructor
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I am Dan and currently live in Ohio. I have lived in

Customer Question

Hello- I am Dan and currently live in Ohio. I have lived in my house for 18 months -- I am looking for a new job in the south. If I sell my home tomorrow - do I need to pay capital gains tax? I bought home for 30,000 but it recently appraised for 83,000
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi Dan. My name is ***** ***** I will be happy to help you.
If you sell your home tomorrow for $83,000 you will most likely have some capital gains. Since you will not qualify for the exclusion.
To qualify for the exclusion you need to own the house and use it as your primary residence for 2 out of 5 years ending on day of the sale. If you wait for 6 month, you will be able to exclude all of your capital gains (up to 250K).
Another way to qualify for a partial exclusion is if you move to start a new job. In that case you will have to have an job offer in place before you move.
To calculate your capital gains you will deduct sales price from your basis. Your basis is your purchase price, major improvements you done to the property and selling expenses, including RE agent commission.
Let me know if you have any questions.
Expert:  emc011075 replied 1 year ago.
I see you read my respond. Any questions? Is there anything else I can help you with today?
And if this answered your question, please take a moment to rate my response so that I may receive credit for assisting you today. However, if you need clarification, or want to discuss this issue further, let me know. Thank you.