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This is a question of my tax liability on the sale of the only home I've owned for the last 5 years (a vacation home) that I've lived in for about 25 months out of the 5 year period.

Submitted: 4 months ago.Category: Tax
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Answered in 4 minutes by:
3/18/2018
Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 4 months ago
Carter McBride
Carter McBride, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1,269
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Hey! I'm Carter, I'm a CPA and can help you out.
The capital gain is going to be your sales proceeds less the amount you paid for the property plus any repairs or improvements on the house.
There is an exclusion of $250,000 ($500,000 if you file jointly) if it was your principal residence for 2 of 5 years. There's no clear definition of principal residence but it's generally thought of as the place that you permenantly live. So, if your other home was more of a principal residence and you used the sold home just for vacations, the exclusion does not apply.
Let me know if you need anything else. If not, please leave a rating. Thanks!
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Tax Professional: Carter McBride, Certified Public Accountant (CPA) replied 3 months ago

Hey! Just wanted to follow up to see if you needed anything else. If not, please leave a rating so I can get credit for helping you out. Thanks!

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