Hello we had to sell our home in Dec 2021 where we met both the ownership and use tests and were able to exempt roughly a $100k gain on our sale. We had stayed here for over 15 years and reported this through turbo tax in our 2022 return.
We then bought another house in Feb/March 2022. We stayed there till June 2024. So just over 2 years. Many of you helped me through the struggle where we eventually decided to move instead of enduring our mistake. Anyways, we may have a small gain there even with our adjusted basis. I have not calculated it exactly but say 60k. I am not sure if we still qualify for the 500k primary residence sale tax exemption or does it only apply to the first house. I assume we meet the ownership and use criteria’s on our second home?
Thank you for any advise.
We then bought another house in Feb/March 2022. We stayed there till June 2024. So just over 2 years. Many of you helped me through the struggle where we eventually decided to move instead of enduring our mistake. Anyways, we may have a small gain there even with our adjusted basis. I have not calculated it exactly but say 60k. I am not sure if we still qualify for the 500k primary residence sale tax exemption or does it only apply to the first house. I assume we meet the ownership and use criteria’s on our second home?
Thank you for any advise.
Statistics: Posted by AvocadoDeliberator — Wed Jan 29, 2025 6:12 pm — Replies 1 — Views 272