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Do I pay capital gains taxes?

Forum|Forum|7 years ago
June 5, 2019
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I sold 2 primary residences in 1 yr. 1st home I lived in for 12 yrs. then sold at a loss of $68,000. I then bought the 2nd home and lived in for 1 yr. sold with a gain of $16,000. Total of combine sale amounts $309,000. This being over the $250,000 in 1 year I question. thank you

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Best answer by Hal_Al

Yes, you pay capital gains tax on the $16,000 gain. Your problem isn't the $309,000; it's the fact that you lived in the house less than two years. The capital loss on the sale of a residence is not deductible, not even against gains on a another residence

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Yes, you pay capital gains tax on the $16,000 gain. Your problem isn't the $309,000; it's the fact that you lived in the house less than two years. The capital loss on the sale of a residence is not deductible, not even against gains on a another residence