Is sale of existing home proceeds taxable?

Taghiarani
Taghiarani Member Posts: 2 Newcomer
edited December 2024 in Income

is sale of existing home sale proceeds table?

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Answers

  • PhyllisS
    PhyllisS Member Posts: 1 Newcomer

    I sold some land I owned with my son and put about half of it into building a tiny home on my daughter's property. How much taxes will I need to pay?

  • voncox49
    voncox49 Member Posts: 1 Newcomer

    We are about to close the sale of the property where we used to live. We now live in a different home which we purchased with proceeds of our retirement funds from our former employer. Are the sale proceeds of our old home taxable on this year's return?

  • LaurenS
    LaurenS FreeTaxUSA Agent Posts: 10
    https://community.freetaxusa.com/discussion/comment/2912#Comment_2912

    Good question! Generally, the proceeds from the sale of the old home is taxable in the year it was sold.

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