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Understanding Capital Gains Tax on Real Estate
Selling your home at a profit has financial implications, including the impact of capital gains tax. Here are some key points to remember.
- If you've lived in your home for at least two of the last five years, you can exclude up to $250,000 of capital gains on real estate if you're a single filer and up to $500,000 if you're a married couple filing jointly.
- Any profits over the exemption limits will likely be subject to capital gains tax, which varies based on your tax bracket, duration of ownership and whether it's your primary residence.
- Rental properties and second homes typically don't qualify for these exemptions, although there are legal ways to reduce the tax liability.
For more information, consult a financial adviser who can provide answers tailored to your situation.
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