Do i have to pay taxes if i sell my long term home and have a capital gain from the sale?
If you sell your primary residence and have a capital gain from the sale, you may be eligible for an exclusion of some or all of the gain from your income under the Section 121 exclusion, also known as the "home sale exclusion." As of the latest tax laws: - If you have owned and used the home as your main residence for at least two out of the five years prior to the sale, you can exclude up to $250,000 of the gain from your income if you are single, or up to $500,000 if you are married filing jointly. - You cannot have excluded the gain on the sale of another home within two years prior to this sale. - The exclusion is not available if you are subject to expatriate tax. If your capital gain exceeds these exclusion limits, or if you do not meet the eligibility requirements for the exclusion, then the gain that exceeds the exclusion limit is typically subject to capital gains tax. The tax rate depends on your income level and may be 0%, 15%, or 20% for long-term capital gains. It's important to keep records of your home's purchase price, as well as any improvements you've made to the property, as these can increase your cost basis and potentially reduce your taxable gain. Please consult with a tax professional or the IRS for the most current information and personalized advice, as tax laws can change and individual circumstances can affect tax liability.
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