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Since 1997, home sellers have had to pay federal capital-gains taxes on profits above $250,000 for a single person and $500,000 for a couple. The policy was designed to target the most affluent.
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 ...
Home prices have nearly doubled in the last 10 years - and that could mean you owe some serious taxes if you are selling your home. After bottoming out around $259,000 in 2011, the average sale ...
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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.
The amount you will owe in taxes will depend on your capital gains tax rate. This sale will put you at least in the 15% tax bracket, which begins at $47,025 for single filers and $94,050 for ...
You are correct that the IRS lets individuals exclude up to $250,00 in profits from the sale of a primary residence from taxes. Married couples filing their taxes jointly can exclude up to $500,000.