WalkawayHome sale gain calculator
The gain on your home sale, worked out
Your price less selling costs, less what you paid and what you put in. The arithmetic the IRS starts from, with its own figures beside it.
Type what you paid to start.
General information, not tax, legal or financial advice.
Selling costs are commissions, transfer tax and fees; the net sheet adds them up. Improvements add value or life to the home (a new roof, an addition); repairs do not count. Nothing you type leaves this page.
Gain worksheet
General information, not tax, legal or financial advice. This shows arithmetic only; it says nothing about what you owe. Take it to a tax preparer.
The IRS's own figures
Whether any of it applies to you depends on the IRS's tests. These are the questions it asks:
- Did you own the home for at least 2 of the 5 years before the sale?
- Did you live in it as your main home for at least 2 of those 5 years?
- Did you exclude gain on another home you sold in the 2 years before this sale?
The rules, the exceptions (a move for work or health, for example) and the worksheets are in IRS Publication 523, Selling Your Home, and the summary is in Topic 701.
General information, not tax, legal or financial advice.