Question

sold my home

Forum|Forum|3 years ago
November 16, 2022
1 reply
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I sold my home for 576K in Colorado and bought a new home for 540k. Will I end up owing? And can I claim anything on my move?

D

drc845443

Hello there!

There are generally no tax implications from the purchase of a new home you use as a primary residence, other than that you can deduct the mortgage interest and property taxes.

For the home that you sold in Colorado, if you sold it for a loss then there are no tax implications. If you sold it for a gain, you may have to pay tax on the gain unless you qualify to exclude the gain from income for tax purposes. The link below explains the conditions you have to satisfy in order to exclude the gain on the sale of the home:

https://turbotax.intuit.com/tax-tips/investments-and-taxes/5-things-you-should-know-about-capital-gains-tax/L0m06D9lI

Under current tax law, moving expenses are not deductible except for qualifying armed forces members.

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