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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 ...
What is the capital gains tax exclusion? The tax break for homeowners is called the capital gains tax exclusion. It’s a federal benefit that allows you to exclude up to $250,000 of home sale ...
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.
The top marginal long term capital gains rate fell from 28% to 20%, subject to certain phase-in rules. The 15% bracket was lowered to 10%. The act permanently exempted from taxation the capital gains on the sale of a personal residence of up to $500,000 for married couples filing jointly and $250,000 for singles.
Specifically, single sellers who make more than $250,000 on a home sale may trigger the capital gains tax; that amount jumps up to $500,000 for married sellers filing jointly.
Capital gains tax applies when you sell an asset for more than you paid for it. While the IRS typically offers an exclusion for capital gains from the sale of a primary home, the rules are a ...
Under Section 1031 of the United States Internal Revenue Code ( 26 U.S.C. § 1031 ), a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange. In 1979, this treatment was expanded by the courts to include non-simultaneous sale and ...
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