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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 money I netted?
– Thomas
The answer is solidly "it depends," both in terms of whether you'll have to pay capital gains tax and how much you might have to pay. Let's talk about the rules around this situation first, and then we can get into some examples to see how they work.
The IRS allows single filers to exclude up to $250,000 of capital gains from the sale of their home, and married couples filing jointly to exclude up to $500,000, if they meet certain criteria.
#capital #gains #thomas #commission
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 money I netted?
– Thomas
The answer is solidly "it depends," both in terms of whether you'll have to pay capital gains tax and how much you might have to pay. Let's talk about the rules around this situation first, and then we can get into some examples to see how they work.
The IRS allows single filers to exclude up to $250,000 of capital gains from the sale of their home, and married couples filing jointly to exclude up to $500,000, if they meet certain criteria.
#capital #gains #thomas #commission
3 months ago
