If I sold my house in April of 2025 what year do they use my taxable income from. Will the irs use my 2024 1040?

Forum|Forum|11 months ago
April 10, 2025
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DaveF1006

No. You will report the sale in your 2025 tax return, which is next tax season.

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xmasbaby0

You do not enter anything about a house you sold in 2025 on a 2024 tax return.

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barretthackbartAuthor

So they are going to wait till 2025 tax season to see what my taxable income. What if I lose my job or die then what happens to the taxes?

I was asking if they would use my taxable income from 2024 amount to how much I’d owe for capital gains when I sell my house this year

xmasbaby0

No, they are not going to use your 2024 income to determine if you owe capital gains on a home you sell in 2025. They will use your 2025 income.

Here is some information about selling a home that might help you:

SALE OF HOUSE

If your gain was more than $250,000 filing Single, or more than $500,000 filing Married Filing Jointly the sale must be reported on your tax return. Whether you re-invested the gain in to another house is irrelevant. If you have a Form 1099-S go to Federal>Wages and Income>Less Common Income>Sale of Home (gain or loss)

If you owned and lived in the home as your primary residence for at least 2 of the last 5 years on the date of the sale, you do not have to report the home sale if the gain is less than $250K filing Single, or less than $500K filing Married Filing Jointly (and you both owned and lived in the home for at least 2 years).