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You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
It’s a federal benefit that allows you to exclude up to $250,000 of home sale gain from your income as a single taxpayer or $500,000 if you’re married and file a joint tax return.
We have a second home – a condo in the mountains – that was bought with cash for $295,000 approximately six years ago. It’s now worth at least $500,000. We are considering selling as our use ...
Figuring capital gains tax that may be owed on a home sale depends on several factors. One is whether you meet the criteria for excluding $250,000 for single filers and $500,000 for couples filing ...
Tax benefit Capital gains, dividends, and interest within account incur no tax liability. Subjected taxes Contributions are usually pre-tax; but can also be post-tax, if allowed by plan. Distributions are taxed as ordinary income (except any post-tax principal). Contributions are post-tax. Qualified distributions are not taxable.
The IRS allows married couples to exclude up to $500,000 in home sale profits from capital gains taxes. Individuals can exclude up to $250,000.
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Vanguard. Overview: Top online brokers for a 401(k) rollover in 2025 Charles Schwab. Charles Schwab is strong in every category and caters well to customers from novice to expert. If you’re ...