Aeneas21 t1_jegno0g wrote on March 31, 2023 at 9:45 PM Reply to 20K IRS bill and no idea how to handle by cleaningupmess2023 Look into a pro rated exclusion of the gain from the home sale. Usually it has to be from a job loss or health reasons but there is a lot of wiggle room. Even if you only lived there for 1 year, you could excluden $125,000 of gain. Permalink 17
Aeneas21 t1_jegno0g wrote
Reply to 20K IRS bill and no idea how to handle by cleaningupmess2023
Look into a pro rated exclusion of the gain from the home sale. Usually it has to be from a job loss or health reasons but there is a lot of wiggle room. Even if you only lived there for 1 year, you could excluden $125,000 of gain.