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You could owe capital gains tax if you sell a home that has appreciated in value because it is a capital asset. However, thanks to the Taxpayer Relief Act of 1997, most homeowners are exempt...
If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse.
As a homeowner, you may have concerns about paying capital gains tax when you decide to sell your home. Luckily, there is a tax provision known as the " Section 121 Exclusion " that can help...
The capital gains tax exclusion only applies to the sale of your primary home. It doesn't work for commercial real estate, rental properties or houses used as...
Get answers to frequently asked questions about capital gains, losses and the sale of your home.
In a nutshell, any net capital gain you make upon the sale of a second home is taxable at the appropriate rate (long term or short term). After the sale of an investment property, there are two...
Does Your Home Sale Qualify for the Exclusion of Gain? The tax code recognizes the importance of home ownership by allowing you to exclude gain when you sell your main home.
Capital gains tax is a levy imposed by the IRS on the profits made from selling an investment or asset, including real estate. Primary residences have different capital gains guidelines...
Many people know the basics of the capital gains tax. Gains on the sale of personal or investment property held for more than one year are taxed at favorable capital gains rates of 0%, 15%,...
In a nutshell, capital gains tax is a tax levied on possessions and property—including your home—that you sell for a profit. If you sell it in one year or less, you have a short-term capital...