Capitol gains tax?

I assume you only lived in the house a short time? Aren’t Home gains are exempt from any taxation as long as you lived in it I believe 2 years?

I looked at instructions for schedule 1040d for year 2017 -- don't know it this will still apply during this year. For 2017, if you lived in home for two years during the five years preceeding the sale, then you can exclude $250,000 of capital gain, or $500,000 if a joint return.

Anything with a bed and toilet is a home.

RoyF wrote:
I looked at instructions for schedule 1040d for year 2017 -- don't know it this will still apply during this year. For 2017, if you lived in home for two years during the five years preceeding the sale, then you can exclude $250,000 of capital gain, or $500,000 if a joint return.

Thank you. We bought our hose 7 years ago and have lived in it the whole time.

Everyone's situation is different. Good questions for your tax professional to help you sort out for your personal situation.

roostonu wrote:

RoyF wrote:
I looked at instructions for schedule 1040d for year 2017 -- don't know it this will still apply during this year. For 2017, if you lived in home for two years during the five years preceeding the sale, then you can exclude $250,000 of capital gain, or $500,000 if a joint return.

Thank you. We bought our hose 7 years ago and have lived in it the whole time.

We've never known anyone that lived in a hose? Couldn't resist :)

TO be recognized as a home, you need a toilet, a bed, AND some way to cook meals as well. If your RV meets those requirements, it qualifies as a home ... but also, as stated above a residence has multiple exclusions and deductions, including that exemption above.

There are no gains at the Capitol, only huge losses.

;)

RoyF wrote:
I looked at instructions for schedule 1040d for year 2017 -- don't know it this will still apply during this year. For 2017, if you lived in home for two years during the five years preceeding the sale, then you can exclude $250,000 of capital gain, or $500,000 if a joint return.

This is the way it works. Buying a motorhome or a towable doesn't reduce your taxes. You will pay capitol gains on anything over $500K

I think you need to visit a tax guy rather than asking on a RV site. :)

RoyF wrote:
I looked at instructions for schedule 1040d for year 2017 -- don't know it this will still apply during this year. For 2017, if you lived in home for two years during the five years preceeding the sale, then you can exclude $250,000 of capital gain, or $500,000 if a joint return.

Actually Roy gave you very good "rv advice" for free. Yes, you need to find out if that exemption is still in the 2018 tax law.