Home Sale Capital Gains Estimator

Potentially. Federal exclusion, basis, use, income, residency, and New York-source rules all matter. The estimator calculates supported federal estimates and provides a New York pathway, not a final state liability. New York official guidance.

Potentially. Connecticut generally begins with federal adjusted gross income subject to state modifications, and Connecticut real property can create Connecticut-source income. This tool does not calculate a precise Connecticut tax. Connecticut official guidance.

It may allow an eligible seller to exclude up to $250,000, or up to $500,000 for a qualifying joint return, of gain from a main-home sale. Depreciation and nonqualified-use rules can limit the result. IRS Publication 523.

An individual generally must meet separate ownership, residence, and prior-exclusion look-back tests. Partial-exclusion and special rules may apply.

For the standard joint limit, at least one spouse generally meets ownership while both meet residence and look-back requirements.

Not for the standard full joint test: at least one spouse generally must meet ownership, but both spouses have separate residence and look-back requirements.

For the standard full joint exclusion, both spouses generally must meet the residence test.

Ownership and residence are generally tested for at least 24 months during the five-year period ending on the sale date. The periods do not have to be continuous or identical. IRS Publication 523.

Yes, but generally not if you claimed a Section 121 exclusion for another home during the two years before the current sale.

Selling another home alone is not the test. The estimator asks whether a Section 121 exclusion was claimed within the look-back period.

Possibly when the primary reason for sale is a qualifying work, health, or unforeseeable event. The estimator calculates only supported preliminary cases. IRS Publication 523.

It may. IRS safe-harbor details include distance and timing requirements; this estimator provides a preliminary result and links to Publication 523. IRS Publication 523.

Potential qualifying improvements can increase adjusted basis and reduce gain. Every entered item remains an estimate requiring records and review.

Improvements generally add value, prolong useful life, or adapt the home to a new use. The worksheet does not determine that an item qualifies.

Routine repairs and maintenance usually do not increase basis unless completed as part of a larger qualifying improvement.

Qualifying selling expenses reduce amount realized. Cash closing costs and tax selling expenses can differ, so the estimator keeps their role visible.

No. Mortgage payoff reduces estimated cash proceeds, not amount realized or adjusted basis.

Rental timing can affect depreciation, nonqualified use, reporting, and exclusion. Complex timelines trigger professional review. IRS Publication 523.

Depreciation allowed or allowable after the applicable cutoff is separated and is not sheltered by the modeled Section 121 exclusion. IRS Publication 523.

It can include depreciation you claimed or could have claimed. Determining the amount often requires prior returns and depreciation schedules.

Certain periods after 2008 when the property was not used as a principal residence can make part of gain ineligible for exclusion, subject to important exceptions. IRS Publication 523.

Inherited basis and ownership facts are outside the simple pathway. The calculator shows a professional-review state.

Gift basis can depend on donor basis and fair-market-value rules. The calculator does not determine the correct basis and requires review.

Section 1031 history can change basis and eligibility, including a five-year rule in some cases. The estimator flags professional review.

Verified annual 0%, 15%, and 20% bands are stacked above estimated ordinary taxable income, other long-term gains, and qualified dividends.

The amount of home-sale gain falling into each federal capital-gain band depends on taxable income and other preferential-rate income.

NIIT is a separate 3.8% federal tax using the lesser of applicable net investment income or MAGI above a filing-status threshold. Excluded Section 121 gain is omitted.

New York generally starts with federal adjusted gross income subject to state modifications. Remaining federally taxable gain may affect the New York return. New York official guidance.

NYC resident income tax may apply through the New York return when the seller is an NYC resident. Property location alone does not establish residency. New York official guidance.

Connecticut generally starts with federal adjusted gross income subject to state modifications. Connecticut property can create state-source income for nonresidents. Connecticut official guidance.

More than one state may have a claim, but sourcing and resident-credit rules can matter. The tool does not add two full state taxes.

A loss on personal-use property is generally not deductible. Mixed-use and investment facts require professional review.

No. It is an educational planning estimate and does not prepare a return or determine final federal, state, or local liability.

Yes. Every calculation, result, methodology detail, print action, and copy action is available anonymously.

Yes. After viewing the complete result, you may optionally request a PDF. That request creates an Inquiry containing contact details and a limited summary.

Professional review is especially important for rental, depreciation, inherited, gifted, exchanged, multistate, jointly owned, or otherwise complex property histories.