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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 ...
Here’s more about how to calculate your potential profit on a home sale. ... and will be much more expensive for a long-distance move than it will for a local one. If you need to store your ...
The post I’m Selling My House to Downsize for Retirement, and I'll Net $620k. ... say that you are a single filer and you sell your home and make $300,000 in profit. After the exclusion, you ...
The remainder of any gain realized is considered long-term capital gain, provided the property was held over a year, and is taxed at a maximum rate of 15% for 2010-2012, and 20% for 2013 and thereafter. If Section 1245 or Section 1250 property is held one year or less, any gain on its sale or exchange is taxed as ordinary income.
Let’s say a home is sold for $500,000. The seller’s costs to sell that home include a mortgage payoff balance of $300,000, real estate agent fees of $15,000, attorney fees of $1,000 and other ...
Basis (or cost basis), as used in United States tax law, is the original cost of property, adjusted for factors such as depreciation.When a property is sold, the taxpayer pays/(saves) taxes on a capital gain/(loss) that equals the amount realized on the sale minus the sold property's basis.
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