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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.
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 ...
Using the same example: If you sold your house for $650,000, but had a cost basis of $500,000, your capital gain would be $150,000. That gain would be below the taxable threshold, married or single.
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 now sell the house, your cost basis would be $535,000, as the home cost you $500,000 and the kitchen and boiler both count as upgrades to the property ($25,000, plus $10,000).
If you sell your house for $300K, you will need to add up your closing costs, mortgage payoff amount, Realtor commissions and other fees, then subtract that total from $300K to determine your net ...
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