Capital Gains Tax

My wife & I purchased a home in Massachusetts last August for $395,000. I’m transferring to Virginia next month for my job and have sold our house. It’s currently under contract for $435,000.

I was under the impression that we wouldn’t face capital gains tax since this is our primary residency and we’ll be making less than $500k in profit, but I just read that the IRS classifies primary residence if you’ve lived there for two years or more.

I’ve read that there are some exceptions to this but does anyone with a similar experience have any advice? I figure, worst case we’re hit with 15% and we’ll still make decent change but it just furthers my opinion that homebuying & selling in the US is a straight-up racket.

submitted by /u/philography
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My wife & I purchased a home in Massachusetts last August for $395,000. I’m transferring to Virginia next month for my job and have sold our house. It’s currently under contract for $435,000. I was under the impression that we wouldn’t face capital gains tax since this is our primary residency and we’ll be making less than $500k in profit, but I just read that the IRS classifies primary residence if you’ve lived there for two years or more. I’ve read that there are some exceptions to this but does anyone with a similar experience have any advice? I figure, worst case we’re hit with 15% and we’ll still make decent change but it just furthers my opinion that homebuying & selling in the US is a straight-up racket. submitted by /u/philography [link] [comments]

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