Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 5 years ago on . Most recent reply
Sold my house profit tax reporting
Me and my wife bought a house in Philadelphia in 2016 when we were renting a condo in Maryland.
We managed to sell the house in 2019, then immediately used part of the proceed as down payment for our new house in Maryland.
The total profit in between 2016 and 2019 is around 40k after electricity, water, tax and rehab.
So do we still need to report this income tax?