We bought a home before we sold the one we were in.
We closed on the purchase of a home in October of 2021, before the sale of our current home. We were able to get it sold with a closing date of December 28 2021. Unfortunately, the closing had a hiccup and we weren’t able to close until Jan 4 2022.. What are my tax implications. We bought at a lower price because of downsizing, We expect to take the 500K exemption but what about the money we spent on the new house? It was a different tax year.how is my gain calculated?.
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