Capital Gains Taxes on Selling Our Home – What Should We Expect?

General
1

My husband and I just found out we’re expecting and are excited to move closer to family. We’ve found a charming fixer-upper in our desired neighborhood that we’re planning to offer $150,000 for. We’re also in the process of selling our current home for $180,000, which we bought a little over a year ago.

I’m wondering if we’ll have to pay capital gains taxes on the sale of our current home. Since we’ve owned it for less than two years, I’m unsure how this impacts our tax situation.

2

Since you’re selling your home in less than two years, you might be looking at capital gains taxes on the profit. It’s like the taxman’s way of joining in on the excitement. When I sold my place earlier than expected, I learned this the hard way. Definitely chat with a tax pro to get the full scoop on your situation.