Question

What is the tax rate on the Gain from the sale of a primary home after 12 months of residence?

Forum|Forum|3 years ago
August 31, 2022
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What is the tax rate on the Gain from the sale of a primary home after 12 months of residence? Is it a flat tax rate or fixed on one's income. What form is used to claim the Gain? TY

Not A Product Question

O

Opus 17

Employee

An accurate answer is actually quite complicated.

First, why are you moving? Choice, or a situation requires it?

Second, did you own the home more than 1 year (366+ days) or exactly 1 year or less (365 or fewer days).

Third, will your taxable income (including the gain on the sale) be more or less than $450,000?

G

galatiansfivetwentytwoAuthor

We are moving by choice. We are builders and sell our primary home after two years of residence. We do not have confidence that the market will hold for another year.

We have not sold our home yet. We plan to close after November 8th making it at least 366 days.

The taxable income will be approximately $100k.