Taxpayers who sell their main home for a capital gain may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may be able to …

Nov 4, 2024 · You could owe capital gains tax if you sell a home that has appreciated in value because it is a capital asset. However, thanks to the Taxpayer Relief Act of 1997, most …

Jan 26, 2025 · Tax liability on a home sale is primarily determined by capital gains—the profit from selling a property. The IRS differentiates between primary residences and investment …

Dec 9, 2024 · So, if you sell your house for more than you initially paid for it, that’s considered a capital gain. The Internal Revenue Service charges a separate tax for these types of profits in...

The $250,000/$500,000 home sale tax exclusion - If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to …

Capital gains tax may not be the most exciting part of selling your home, but it’s important to know how it’ll impact your sale. Let’s take a closer look at the capital gains tax, including what it …

Jan 22, 2025 · Understand how to calculate your taxable gain, including how to adjust for your home's cost basis, the impact of home improvements, and strategies to maximize your home …

Jan 11, 2025 · Many people know the basics of the capital gains tax. Gains on the sale of personal or investment property held for more than one year are taxed at favorable capital …

Dec 20, 2024 · 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 …

In a nutshell, capital gains tax is a tax levied on possessions and property—including your home—that you sell for a profit. If you sell it in one year or less, you have a short-term...