home ownership: What A Relief – Calculating Capital Gains
- 08/15/10 11:16 PM
This year’s tax filing season is behind us, but if you sell your home this year (or any other, for that matter), you’ll find your home will shelter your taxes as well as your family. Specifically, the Taxpayer Relief Act of 1997 provides a substantial exemption on your capital gains when you sell.In general terms, when you sell your home, the IRS allows you to keep capital gains – tax-free – of up to $500,000 (married filing jointly) or $250,000 (single taxpayers). That’s right, no taxes on your gains, if you qualify.It’s fairly simple to qualify, with the most important requirement … (0 comments)
This year’s tax filing season is behind us, but if you sell your home this year (or any other, for that matter), you’ll find your home will shelter your taxes as well as your family. Specifically, the Taxpayer Relief Act of 1997 provides a substantial exemption on your capital gains when you sell.In general terms, when you sell your home, the IRS allows you to keep capital gains – tax-free – of up to $500,000 (married filing jointly) or $250,000 (single taxpayers). That’s right, no taxes on your gains, if you qualify.It’s fairly simple to qualify, with the most important requirement … (0 comments)
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