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Capital Gains Tax and the Havasu Home Seller
Some homebuyers purchase a property with the intent of staying in it forever. Others consider it a stepping stone to something else down the road. Still others buy a property simply as an investment to sell for a profit as quickly as possible. But if you sell too soon, you may incur a Capital Gains Tax. What is that? When should you sell even though you would have to pay this tax?
What is the Capital Gains Tax?When you sell your Havasu home, you must pay Capital Gains Tax on the profit you receive. For example, let's say you owe $100,000 on your house but sell it for $300,000. You stand to "gain" $200,000 in the deal. The IRS considers this "capital gains". If you live in your home for at least two of the previous five years, the Taxpayer Relief Act of 1997 allows you an exemption on some if not all of your profits. For married couples filing jointly, the first $500,000 in capital gains is tax-exempt. For single people, the first $250,000 is tax-exempt. If you sell your home due to the death of your spouse, you can claim the $500,000 married couple exemption as long as you sell ... more

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