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Updated almost 4 years ago on . Most recent reply

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Lan Phan
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TAX for selling house?????

Lan Phan
Posted

I bought a house in Texas in 11/2017 and sold in 11/2020. I rented out to a family from 11/2017- 04/2019, I had lived in California during this time. I moved to Texas in 06/2019 and lived in the house until I sold it in 11/2020. I bought it for $245k and sold for $275--> $30k gain before closing fees and agents' fee deduction. I did not physically live over 2 yrs here. My questions are:

1) Do I have to pay tax for the $30k gain?

2) I don't receive any forms from my closing agent for my tax purpose?

3) What happens if I don't pay tax for the capital gain in my case?

Thank you so much,

I am using TurboTax.

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