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The long-term capital gains tax rates are 15 percent, 20 percent and 28 percent (for certain special asset types, like small business stock collectibles), depending on your income. Real estate ...
The IRS allows married couples to exclude up to $500,000 in home sale profits from capital gains taxes. ... Single taxpayers can exempt the first $250,000 of capital gains from the sale of their ...
The long-term capital gains tax rate varies between 0%, 15% and 20%. There are a few higher rates for particular items, but they don’t apply to a home sale. In contrast, short-term capital gains ...
20%***. * This rate was reduced one-half percentage point for 2001 and one-half percentage point for 2002 and beyond. ** There was a two percentage point reduction for capital gains from certain assets held for more than five years, resulting in 8% and 18% rates. *** The gain may also be subject to the 3.8% Medicare tax.
Using the same example as above, with $100,000 in taxable income aside from the sale of your home, the entire $400,000 would be subject to a 15% capital gains tax. That's a tax cost of $60,000 ...
Short-term capital gains means less than one year passed between the purchase and sale of the asset. Long-term capital gains are taxed using a 0% to 20% tax schedule, whereas short-term capital ...
Capital Gains Tax on Real Estate One exception to capital gains tax rules is the sale of your primary home. Up to $250,000 — $500,000 for married joint filers — is excluded.
For profits on your main home to be considered long-term capital gains, the IRS says you have to own the home and live in it for two of the five years leading up to the sale. In this case, you ...
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