Will you owe a tax after selling your home? This video discusses how and when you might have capital gains taxes due after selling your home for a profit.
Note: this video is specifically for those who're selling their primary residence (or a home that was their primary residence for 24 out of the last 60 months).Summary:
- The IRS allows an exemption of $250,000 per person against capital gains
- The capital gains taxes that could result from a sale depend on income tax filing status and taxable income levels
- There are adjustments to the tax basis of the home that can be made to reduce potential tax liability
Lastly - make sure to speak to a tax professional before making any final decisions!
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