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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4411
Experience:  35 years tax experience, including four years at a Big 4 firm.
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We sold our house 18 months ago ,000 profit. Now we need to

Customer Question

We sold our house 18 months ago for 60,000 profit. Now we need to move and we are selling our new house for 100,000 profit. Can we still get capital gains exemption on this second house?
Submitted: 1 year ago.
Category: Tax
Expert:  PDtax replied 1 year ago.

Hi from just answer. I'm PDtax, and will assist.

Expert:  PDtax replied 1 year ago.

You are a few months short of the holding requirement to exclude the second gain. You must hold it as your principal residence for 24 months plus. You also have to be more than 24 months away from the previous sale.

You can sell, but schedule the second closing to go past the 24 months to save the taxes on the second sale.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.