Recently sold my home and got a check for 190k, does anyone know if this will for sure hit my taxable income for 2020? Is there any way around this? There has got to be a loophole. . Help

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Like everyone said above, if this house was a place of primary residence for over 2 years, you can exclude from income, gains of up to $250k, $500k if you’re married filing jointly. You should be fine!

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Whew, thank you for the consult

How much are the gains? If it was your primary residence you get $250k per person in gains tax free

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Gains were just 195k, I was being dramatic. Thank you so much friends!

Gains was 195k, it was our primary residence so definitely not an investment property or anything. We are currently renting u til we find a new spot to purchase. I just had a freak out moment that I would have to pay taxes on top of the 195k

https://www.irs.gov/taxtopics/tc701

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