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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.
Taxes come into play almost any time you make money. So, if you make a profit off the sale of your property, you’ll probably run into capital gains tax.For example, if you purchased a property ...
If you sell your primary residence the IRS allows you to exempt a certain lifetime amount of profit from taxes. Single taxpayers can exempt the first $250,000 of capital gains from the sale of ...
Follow these steps to calculate your net capital gain or net capital loss. ... you can avoid paying capital gains tax. If you sold the property for $500,000 and are a single filer, you have a ...
In this case, you can exempt up to $250,000 in capital gains — or $500,000 for married couples filing jointly — from the sale of your home. If you made less than $250,000 from the sale, you ...
SmartAsset’s Capital Gains Tax Calculator makes short work of figuring both long- and short-term capital gains taxes. Keep an emergency fund on hand in case you run into unexpected expenses.
This exclusion – $250,000 for single filers and $500,000 for married, joint filers – is large enough that many sellers don't end up paying federal taxes on the capital gains from a home sale.
Continue reading → The post How to Avoid Capital Gains Tax When Selling a House appeared first on SmartAsset Blog. There's a lot of pride associated with owning property, whether it's a primary ...