It’s time for taxes! I just sold my home do I have to pay taxes? If you owned and lived in the home for 2-5 years prior to selling that up to $250,000 is tax free. And if you are married and filing jointly then it is $500,000.  This only works on a primary residence and not on a vacation home. Anything over that amounts needs to be reported as capital gains on Schedule D.  You will need to pinpoint how much you originally paid for the house, this can be adjusted by improvements you have made, just make sure you have the information to back all of it up

 

 

 

If you sold for a loss you cannot take the deduction for that loss.

 

 

 

Hope that helps!