hello, i sold a house in 2024 and plan to sell another one in a couple of months. will i have to pay capital gains tax on the amount less than $250k?

Forum|Forum|11 months ago
April 24, 2025
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Hal_Al

Employee

Yes.

"Generally, you're not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home. Refer to Publication 523 for the complete eligibility requirements, limitations on the exclusion amount, and exceptions to the two-year rule."

Reference: https://www.irs.gov/taxtopics/tc701

epb140Author

Hello, thank you for your reply. Would I be able to deduct my sales cost basis since I would be subject to paying taxes and what would the tax rate be?

Vanessa A

Yes. You would still be able to deduct the cost basis of the house. The tax rate would depend on your other income, but it would be a capital gains sale.

Capital Gains

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