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Old 10-13-2015, 10:06 AM
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sell of home

I have lived in my home just over 1 year and would like to sell; my tax person (not a CPA) said i could claim a 'one-time capitol gains' break and not have to pay the tax on any profit (profit is less than $50K). Is this true?



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Old 10-13-2015, 05:15 PM
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Originally Posted by mikeh View Post
I have lived in my home just over 1 year and would like to sell; my tax person (not a CPA) said i could claim a 'one-time capitol gains' break and not have to pay the tax on any profit (profit is less than $50K). Is this true?
it depends; in general, you can exclude up to $250k in profit from the sale of a main home or $500k for a married couple as long as you have owned the home for five years and lived in the home for a minimum of 2 years.so, you need to have lived in the house for at least 24 months in that 5-year period. However,even if you lived in the home less than 24 months, you may be able to exclude a PORTION of the gain. Exceptions are allowed if you sold your house because the location of your job changed, because of health concerns, or for some other unforeseen circumstance



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Old 10-13-2015, 05:20 PM
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sell of home

I have lived in the home and owned it only 13 months. I do not meet any of the exceptions listed and wondered if there were any other options to look at



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