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It varies state by state, but I can't think of any house bought a year ago that would sell for now.
Hey you get exclusion of up to $250,000 ($500,000 for a married couple filing jointly) , google the rules, but you should not have to pay taxes, unless your gain is more then 500K file jointly
That depends on price/value of property at time of purchase, price/value of property at time of sale, any applicable capital improvements, and applicable depreciation, whether this is your primary residence for 2 out of the past 5 years (if rented for some of the time, dates of primary residence are important), whether this was never your primary residence. Federal tax may apply, and depending on location, state or local taxes may apply.
Your best bet is to consult, in detail, with your CPA. If you do not have one, you may want to consider getting one.
Best of luck.
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Capital Gain Sale on Home In years 2008 2009 2010
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projectmatt
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If I sell a house that I owned for more than a year is this considered long term capital gain?
Therefore since I am in the 15% income tax bracket according to the IRS in years 2008 2009 2010 the two lowest tax brackets pay no cap gain tax.
Am I understanding this right. I make about 35,000 at my job so could I sell my home in a year and pay no cap gian tax assuming it doesn't push me into the next highest bracket?
Thanks
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