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re: Does anyone know how I am to be taxed on a home sold?
Posted on 1/12/22 at 6:00 am to Who_Dat_Tiger
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 6:31 am to indytiger
Unlike the ownership requirement, each spouse must meet the residence requirement indi- vidually for a married couple filing jointly to get the full ex- clusion.
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