Reported 11 days ago
When selling a house for a profit, such as $435,000, capital gains taxes may apply. However, individuals can exempt up to $250,000 and married couples up to $500,000 of this profit when selling their primary residence. If you exceed these exemptions, you will owe taxes on the gains over the limit, which could place you in a higher tax bracket depending on your total income. It's advised to consult a financial advisor to navigate these rules effectively.
Source: YAHOO