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When you sell your primary home, the IRS allows you to exclude a significant portion of the profit from your taxes. This exclusion – $250,000 for single filers and $500,000 for married, joint ...
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.
Now your instead of owing taxes on $230,000, you’ll owe taxes on just $123,200. If you’re an investor, you may be able to use offsetting capital losses to lower your taxable gain.
If you net $640,000 from the sale of your longtime home, your capital gains tax bill will depend on a couple of factors: Filing status . This affects how much of the gain you can exclude.
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).
Figuring capital gains tax that may be owed on a home sale depends on several factors. One is whether you meet the criteria for excluding $250,000 for single filers and $500,000 for couples filing ...
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