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Debicanshop
November 16, 2022
Question

Sale of primary home

  • November 16, 2022
  • 1 reply
  • 0 views

What is our tax liability % for the sale of our primary home in Texas where we have lived for 1 year?

      1 reply

      O
      OpeA1
      November 16, 2022

      Hello Debicanshop!

       

      We need more information to answer your question. However, here are general rules concerning sale of your home. 

      https://ttlc.intuit.com/turbotax-support/en-us/help-article/homeowner-tax-credits-deductions/buying-home-mean-taxes/L0Y1a06Yx_US_en_US 

       

      You will pay capital gain taxes on your home, if lived in less than 2 of the 5 years from the date of sale. This means you will not get the capital gain exclusion.

       

      Hope this helps!

      OpeA1

       

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