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I’m selling my house and should have a gain of 100k what…

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I’m selling my house...

I’m selling my house and should have a gain of 100k what taxes will that 100k be subjected to?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I’m selling

Accountant's Assistant: Is there anything else the Accountant should be aware of?

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Submitted: 4 months ago.Category: Tax
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Answered in 6 minutes by:
3/7/2018
Tax Professional: Lev, Tax Advisor replied 4 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,125
Experience: Taxes, Immigration, Labor Relations
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If that is your primary home - you might qualify to exclude that gain.

If you qualify for the full exclusion - and the sale was not reported on form 1099S - you do not need to report that sale transaction on your tax return.

If that is your second home or rental property - you will need to report that sale - and the gain will be added to your other income.

Let me know if you need any help with determination.

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Customer reply replied 4 months ago
It is my primary residence. So to be clear, the profit from a real estate sale is only taxable by capital gains?
Tax Professional: Lev, Tax Advisor replied 4 months ago

yes - the only gain is considered for income tax purposes.

the gain = (sale price) MINUS (adjusted basis)

your original basis is purchase price

and it is updated by improvement expenses.

However - if the property was owned and used as your primary residence at least two out of last five years before the sale - that will allow you to exclude the gain from taxable income - up to $250,000 for a single person.

So you might be able to exclude that gain.

Please verify.

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Tax Professional: Lev, Tax Advisor replied 4 months ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.If you still have any doubts, need clarification - please be sure to ask.I am here to help you with all Social Security / Tax related issues.
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