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Personal Finance and Investing

progree

(10,907 posts)

8. One can exclude $250,000 (single) or $500,000 (MFJ)

Reply to OAITW r.2.0 (Original post)

Sat May 16, 2020, 02:58 PM

May 2020

When you sell your home, the capital gains on the sale are exempt from capital gains tax. Based on the Taxpayer Relief Act of 1997,1 if you are single, you will pay no capital gains tax on the first $250,000 you make when you sell your home. Married couples enjoy a $500,000 exemption. There are, however, some restrictions on this exemption.2

etc. etc. https://www.investopedia.com/ask/answers/06/capitalgainhomesale.asp

I don't know how that works if 4 of you own it ...

Separately, the state or county might impose a 1% or 2% sales tax.

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I have a question on Real Estate sales and tax implications. [View all] OAITW r.2.0 May 2020 OP

Capital gain tax and ordinary income tax on any recaptured depreciation Cary May 2020 #1

Thanks! I was hoping that my age would give me some kind of taxbreak.... OAITW r.2.0 May 2020 #2

Your lower income may give you lower rates Cary May 2020 #3

Good info, thanks! OAITW r.2.0 May 2020 #4

Ideally, you had the property appraised when you inherited it. 3Hotdogs May 2020 #5

Keep in mind that whatever money you realize, PoindexterOglethorpe May 2020 #6

We know that... OAITW r.2.0 May 2020 #7

One can exclude $250,000 (single) or $500,000 (MFJ) progree May 2020 #8

Not unless it is a primary residence Cary May 2020 #9