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Selling my first home, post-divorce
Hi all!
I am under contract on the sale of my first home, I have owned the house for 10 years in Oakland County, MI.
I HAVE lived in the home for 2 of the last 5 years and the reason for sale is my recent divorce. Here are some details;
Purchased: 131k in 2014
Occupied the home until a little over 1 year ago, my ex currently lives there. Refinanced in 2017 roughly to drop PMI, lower interest rate and add my then wife to the mortgage.
Selling for 287k in August of 2024
I know that I won't have to pay capital gains tax on the profits- my question is the profit from the sale still treated like income and taxed accordingly? Or do I have literally NO tax obligation from the sale?
Thank you in advance!
James