Reported about 1 month ago
Selling a home for a net gain of $680,000 could mean capital gains taxes may apply, but many homeowners can exclude up to $500,000 (or $250,000 for single filers) from taxation under the Section 121 exclusion, provided certain conditions are met. This includes living in the home for at least two of the past five years. The tax rate may vary based on how long the home was owned and the seller's income bracket, which influences whether gains are considered short-term or long-term capital gains. Consulting a financial advisor can help navigate the specifics and potentially reduce tax liabilities.
Source: YAHOO