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When you sell your home, the IRS allows one major form of capital gains break. It’s called the home sale exclusion, and it allows you to deduct a significant amount of the profit from your home ...
For investment properties, capital gains taxes can be deferred with a Section 1031 like-kind exchange, in which you use the profit from the sale of one investment property to buy another of equal ...
The Capital Gains Exclusion If you profit off the sale of your home, you can exclude the first $250,000 of that profit from taxes. For married couples filing jointly, that number increases to ...
In highly appreciating markets, people may take the opportunity of selling their personal residence (where no capital gain is due below $250,000 for a single person or $500,000 for a married couple—see Taxpayer Relief Act of 1997) and moving into a former rental property for a specified time period in order to turn it into their new personal ...
Capital gains tax is not only applicable to stock investors -- if you're one of the many who sold their home for a major profit this year, you might owe the IRS. See: 32 Insider Tips for Buying and...
Capital gains tax applies when you sell an asset for more than you paid for it. While the IRS typically offers an exclusion for capital gains from the sale of a primary home, the rules are a ...
While long-term capital gain rates can be 0%, 15% or 20%, keep in mind that any gain that exceeds the exclusion limit may also be subject to the net investment income tax (NIIT), a 3.8% tax that ...
Assuming you pay 15% on capital gains, you’ll owe $21,000 ($140,000*0.15) in federal taxes after applying the exclusion if you’re married and filing jointly.