Author Topic: Selling house-capital gains tax?  (Read 92 times)

Irishgolfer317

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Selling house-capital gains tax?
« on: July 11, 2017, 10:01:13 PM »
Selling a house we purchased 14 months ago. Expecting it to sell quickly with an expected net profit of $60,000. Will we pay capital gains tax or is there a way to avoid. Besides profit we"0're selling due to a new job in different state. Thanks!

KeithTax

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Re: Selling house-capital gains tax?
« Reply #1 on: August 01, 2017, 07:11:25 PM »
You probably will get a partial Section 121 exclusion on the sale if it is your primary residence. The $250,000 exclusion of gains from a primary residence sale if it is your primary residence for 2 of the last 5 years is usually prorated in cases like yours. The $250,000 is prorated, not the capital gain.