Question

I sold my home and moved in with my daughter. Do I get a one time exemption from capital gains for selling my primary home

Forum|Forum|7 years ago
June 1, 2019
1 reply
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I am disabled so I will not be buying another home in the future. The house I sold is the last home I will own.

TurboTax Deluxe Windows

Yes, If you owned and lived in your home for two of the five years before the sale, then up to $250,000 of capital gain is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500,000. The law lets you "exclude" this otherwise taxable profit from your taxable income.

Please read this TurboTax article for more information:

https://turbotax.intuit.com/tax-tips/home-ownership/tax-aspects-of-home-ownership-selling-a-home/L6t...

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