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I bought my home over four years ago for $87,000. It has been

my primary residence the entire...
I bought my home over four years ago for $87,000. It has been my primary residence the entire time. I am now selling my home and it is going to sell for $123,000. My question is will I owe capital gains for the money I made on my home?
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Answered in 5 minutes by:
9/13/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,261
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.

Robin D. :

You will be allowed to use your exclusion on gain form selling your main home.

Robin D. :

Because you used your property as your main home for at least 2 out of the last 5 years

Robin D. :

you are allowed to exclude than gain (up to $250,000 if you are single).

Robin D. :

You are not even required to report the sale unless you receive a 1099S.

Robin D. :

Did you need me to clarify any of the info?

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

Robin D. :

If you could please type something in the box, that lets me know you can see the answer.

Robin D. :

The system said you were typing but nothing shows.

Customer:

Thank you Robin that's all I needed. Thanks for your time.

Robin D. :

I am so glad you could see the answer.

Robin D. :

Your positive rating is always thanks enough.


 

Robin D. :

I really enjoyed working with you – please feel free to request me again when you come back to ask another question.
You will find the request feature when you come back under your MY QUESTIONS section.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,261
Experience: 15years with H & R Block. Divisional leader, Instructor
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Category: Tax
Satisfied Customers: 16,261
16,261 Satisfied Customers
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