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Technically you would pay capital gains taxes on around 250k of the gain, and 500k if you're not married. You can deduct improvements/maintenance from the gain
by khuey 11y ago
Technically you would pay capital gains taxes on around 250k of the gain, and 500k if you're not married. You can deduct improvements/maintenance from the gain, but capital gains from owner-occupied real estate are taxed in the US if they're large enough.
- Renevith 11y agoAh, I did not realize that. Thanks for the info! Still, $250/500k untaxed is nothing to sneeze at. And long-term capital gains are taxed at a lower rate than income for someone who's making $100k.