- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Does anyone know how I am to be taxed on a home sold?
Posted on 1/11/22 at 11:53 pm to shoelessjoe
Posted on 1/11/22 at 11:53 pm to shoelessjoe
1. Money Board
2. Don’t know how much you made off sale but you shouldn’t be taxed on it. I sold 2 houses in 2021, and had lived in both of them 2 out of the past 5 years. Looked it up and confirmed with my tax guy (FIL), some 2 in 5 year rule states no income or capital gains tax paid on sale of own home.
2. Don’t know how much you made off sale but you shouldn’t be taxed on it. I sold 2 houses in 2021, and had lived in both of them 2 out of the past 5 years. Looked it up and confirmed with my tax guy (FIL), some 2 in 5 year rule states no income or capital gains tax paid on sale of own home.
3
Posted on 1/11/22 at 11:56 pm to Who_Dat_Tiger
2/5 is just to test if you can consider it primary residence.
You can deduct 500k gain for mfj
You can deduct 500k gain for mfj
Posted on 1/12/22 at 6:00 am to Who_Dat_Tiger
quote:
Don’t know how much you made off sale but you shouldn’t be taxed on it. I sold 2 houses in 2021, and had lived in both of them 2 out of the past 5 years. Looked it up and confirmed with my tax guy (FIL), some 2 in 5 year rule states no income or capital gains tax paid on sale of own home.
So you won't have to pay taxes on either sale, even when you sold them during the same year?
I'm pretty much in the same boat due to getting married and both of us selling our houses in '21.
Posted on 1/12/22 at 6:29 am to Who_Dat_Tiger
Eligibility Step 4—Look-Back
Determine whether you meet the look-back require- ment. If you didn't sell another home during the 2-year period before the date of sale (or, if you did sell another home during this period, but didn't take an exclusion of the gain earned from it), you meet the look-back requirement. You may take the exclusion only once during a 2-year period.
Determine whether you meet the look-back require- ment. If you didn't sell another home during the 2-year period before the date of sale (or, if you did sell another home during this period, but didn't take an exclusion of the gain earned from it), you meet the look-back requirement. You may take the exclusion only once during a 2-year period.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News