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I have owned my condo for less than one year and there is a…

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I have owned my...

I have owned my condo for less than one year and there is a good possibility of me selling it soon. The sale would be well under 250k and I would using the $$$ to purchase another home. Would I be taxed with a capital gain tax?

Accountant's Assistant: The expert will know how to help. Is there anything else important you think the expert should know?

No, that is it, can you provide an answer?

Submitted: 8 months ago.Category: Tax
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8/7/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 17,610
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago

Yes, you would unless there is an acceptable reason for you not owning and living there for the full 2 years so you can exclude under IRC 121.

It does not matter that you are using the money for a new purchase.

You must use and own the home for at least 2 years out of the 5 prior to the sale or you pay tax on the gain. If there is a reason that is acceptable then you can maybe exclude some of the gain (based on the percentage that you did own and live there).

Some accepted reasons are health, change of job that requires you move 50 miles away or unforseen reason that you cannot live there.

Please let me know if you need more information.
If not then scroll up to see the STARS to rate so I am credited.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago

Did that explain your situation? Please let me know if you understand how the sale is taxed.

Any call offer is site generated, just ignore it.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago

I am not sure what else you need to know

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 8 months ago

Hi, I am still waiting to hear back from you

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