TAX for selling house?????

Question

I bought a house in Texas in 11/2017 and sold in 11/2020. I rented out to a family from 11/2017- 04/2019, I had lived in California during this time. I moved to Texas in 06/2019 and lived in the house until I sold it in 11/2020. I bought it for $245k and sold for $275--> $30k gain before closing fees and agents' fee deduction. I did not physically live over 2 yrs here. My questions are:

1) Do I have to pay tax for the $30k gain?

2) I don't receive any forms from my closing agent for my tax purpose?

3) What happens if I don't pay tax for the capital gain in my case?

Thank you so much,

I am using TurboTax.

1) Do I have to pay tax for the $30k gain?

2) I don't receive any forms from my closing agent for my tax purpose?

3) What happens if I don't pay tax for the capital gain in my case?

Thank you so much,

I am using TurboTax.

Rene Owczarski · Answer

@Lan Phan I'm not a CPA or tax professional, so this is just my personal opinion. And since it sounds like you didn't live in the home for 2 of the last 5 years, then it wouldn't be considered the sale of your personal residence.1) Since you owned for more than a year, at the federal level it would be long term capital gains. And then you would probably also owe state taxes for TX and CA.2) You should have gotten a 1099-S from the sale.3) If the IRS catches you, you'll have taxes and penalties to pay on the gain.

Also within Turbo Tax, I thought they had a feature to ask a live CPA by phone or in a chat box. So that might be an option for you as well.