Capital Gains and Losses

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I live in state, I bought a home for $235K and sold it 19…

I live in Washington...

I live in Washington state, I bought a home for $235K and sold it 19 months later for $275K. My joint income with my wife is $144K for 2017. Do I have to pay Capital gains tax on my house I sold?

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Answered in 2 minutes by:
3/12/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Capital Gains and Losses
Satisfied Customers: 14,656
Experience: Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning
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Hi. My name’s Lane.

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I hold a law degree, with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

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Ask Your Own Capital Gains and Losses Question

No, as long as you meet the IRS test for primary residence (having lived in the home for any 24 months out of the 5 years before the sale, up to $500,000 of capital gain is excluded from income taxation.

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Customer reply replied 4 months ago
ok, but I only lived there for 19 months?

Sorry, missed the 19 month piece.

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You don't qualify.

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HOWEVER there CAN be a prorated exemption of you moved becasue of an unforeseen circumstance.

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Bear with me and let me pull up the regs ...

Lane
Lane, JD, CFP, MBA, CRPS
Category: Capital Gains and Losses
Satisfied Customers: 14,656
Experience: Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning
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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Capital Gains and Losses
Satisfied Customers: 14,656
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Experience: Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning

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