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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.
As mentioned, if you sell properties that are not your main home for a profit, you must pay capital gains tax on all of it. This article originally appeared on Quickanddirtytips.com and was ...
If you sell your primary residence the IRS allows you to exempt a certain lifetime amount of profit from taxes. Single taxpayers can exempt the first $250,000 of capital gains from the sale of ...
I am selling my house and the price is $504,999. After paying off this house I will net $400,000. Do I have to pay a capital gains tax as I’m planning to pay off my retirement home with the ...
When you sell your home, you can take a $250,000 (single) or $500,000 (joint) exclusion from your capital gains. After that, you must pay taxes on any remaining profit from the sale.
When it comes making a profit by selling your primary residence, special rules apply. The main ones are the $250,000 exclusion for single filers and the $500,000 exclusion for married joint filers.
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