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I sold my home in 2018 and I made about 60 thousand, is that amount taxed? It drastically changed my from me getting money back to paying in a large amount.

Forum|Forum|7 years ago
June 4, 2019
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Did tax laws change that I have to pay interest on the money I made from the sale of my home?

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Best answer by fanfare

If you meet the conditions stated and did not get a 1099-S, you don't have to report this sale.

if you put the money in the bank and got interest, that's separate and taxable.

fanfareAnswer

Employee

If you meet the conditions stated and did not get a 1099-S, you don't have to report this sale.

if you put the money in the bank and got interest, that's separate and taxable.

A

Ashby

No, if this was your principle residence and you lived there the past two years, you should be eligible for the exclusion.

You won’t pay taxes on the first $250,000 (also known as a gain) you make from the sale of your home. If you file jointly, you won’t pay taxes on the first $500,000.

That income is free and clear as long as:

You owned the home
It was your main home for two years or more within the five years leading up to the sale
You waited at least two years between selling your primary home and excluding your first $250,000 or $500,000 from taxes. In other words, you may buy and sell as many primary homes as you'd like, but you'll only get this tax benefit every two years.