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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.
However, if you sell a home for less than you paid, you can’t claim a capital loss or deduct it from your taxable income. But you get a massive tax break when you profit from your home sale.
When you sell your house sometime down the line, you'll either make a profit or a loss. If you make a profit, the value of your home office will be taxed as a capital gain, at a maximum rate of 25 ...
Selling a house too soon can cost you money, rather than making you money. ... “Short-term capital gains taxes would apply if you sell your home and make a profit less than a year after buying ...
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).
But even if the gain is much higher, there are ways for home sellers to minimize the tax bite. Singles don't have to pay taxes on up to $250,000 in profits on the sale of their home, and couples ...
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