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Rollwave034
Member since Feb 2013
307 posts

Selling house before 2 years
I have an out of state job opportunity with flexible start date. I’d like to move sooner rather than later, but I haven’t been in my current house 2 years until Feb 1. Will I really take that big of a hit on taxes if I sell before 2 years? I won’t net too much after realtor fees and take away the appx $6k in upgrades I’ve put in. Less than $20k probably.


LSUtigerME
LSU Fan
Walker, LA
Member since Oct 2012
2136 posts

re: Selling house before 2 years
It will be treated as long term capital gains, so 0/15/20% tax (based on income, presumably 15%) on the profit, which can include deductions for the cost of improvements.


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Tigerbait337
LSU Fan
Louisiana
Member since Aug 2008
20006 posts

re: Selling house before 2 years
Just set aside 3k of the proceeds for taxes at the end of the year. Easy.


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baldona
Auburn Fan
Florida
Member since Feb 2016
10037 posts

re: Selling house before 2 years
Yah I don’t think your gain is substantial enough to worry about. Do what you need to do in life and don’t worry about the house.


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reb13
Ole Miss Fan
Dallas, TX
Member since May 2010
10773 posts

re: Selling house before 2 years
You get coverage on a pro rata basis so if you’re married and you are at 1.5 years you get 75% of the $500k exemption. So you’re fine.
This post was edited on 8/12 at 10:02 pm


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LSUFanHouston
LSU Fan
NOLA
Member since Jul 2009
16585 posts
 Online 

re: Selling house before 2 years
If you are moving more than 50 miles for the new job, you can get a portion of the exclusion, which given your numbers, would be enough to cover the gain.


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