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Do I have to pay capital gains tax on my primary residence?
I assume you never used this house for business or rental income. The short sale is not related to capital gains. Capital gains is the difference between the sale price of the house and your basis (generally your cost). If you have capital gains, you might be able to exclude these gains. If you have owned and lived in the house for two of the five years preceding the sale, and your gains are less than $250,000 ($500,000 if MFJ), you…

can exclude the gains. Otherwise, you may owe capital gains tax. The other tax involved is tax on cancelled debt. The cancelled debt is the difference between the outstanding debt on the house and the proceeds of the sale. You may be subject to income tax on the amount of the cancelled debt.


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