Question

Why did I have to pay capital gains of $1,000 on the sale of my home? I lived there 20 years and bought it for $65,000 and sold for $116,000.

Forum|Forum|4 years ago
April 6, 2022
1 reply
0 views

No text available

TurboTax Deluxe Online

Employee

You shouldn't have had to pay tax, based on the information you provided. I'm not familiar with all the details in entering data in TT, but you must have missed a question or a check box in entering the sale of your home. Have you all ready filed the return and it has been accepted by IRS?

If so, you should amend the return by filing 1040X and correct that error and get the extra tax back. Here is a link to pub 523, selling your home

https://www.irs.gov/pub/irs-pdf/p523.pdf

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**

M

michda35Author

It was last years return. I just happened to be looking back through my past taxes and just noticed it. Do you think I can still amend it?

LudwigVan_fan

Employee

Yes, you can amend it. You have 3 years from the due date of the return, or the date it was actually filed, to file an amended return. However refunds are limited to 3 years from the due date of the return.

**Disclaimer: Effort has been made to offer correct information; but due to the discussion forum limitations, the poster disclaims any legal responsibility for the accuracy of the poster's response**