TAXES!!

[Darryl Smith]

I recently purchased my house I am wondering how do i do taxes in April if i sell the home in the next few months. Do i have to pay taxes at all I was thinking that the taxes was part of selling the house? (I could be wrong and probably am wrong). Do I keep my receipts for the work i got done to the house?

Can someone point in the right direction that would be appreciated?

[Steven Hamilton II]

Originally posted by Darryl Smith:

I recently purchased my house I am wondering how do i do taxes in April if i sell the home in the next few months. Do i have to pay taxes at all I was thinking that the taxes was part of selling the house? (I could be wrong and probably am wrong). Do I keep my receipts for the work i got done to the house?
Can someone point in the right direction that would be appreciated?

@Darryl Smith ,

That would depend, are you flipping this property? If so then you will report the purchase, and the expenses on Schedule C.

@Will Barnard is correct, except that exclusion requires you to have lived in the house for at least 2 of the last five years. Also, I'm an EA, (I'm licensed in taxation where a cpa is licensed in accounting).