Reported 5 months ago
When selling your primary residence, if you net $750,000, you may have to pay capital gains taxes on the profit. Individuals can exclude up to $250,000 and married couples up to $500,000 from capital gains taxes, provided they meet certain requirements. To calculate your taxable gain, subtract your adjusted cost basis from the sale price, then apply the exemption. Taxes will depend on factors like marital status, total income, and property ownership duration. Consulting with a financial advisor can help you navigate these complexities and potentially reduce your tax burden.
Source: YAHOO