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Short term capital gains are taxed at the same rate as ordinary income. Long term capital gains (greater than 1 year) get taxed at a lower rate.
by ojbyrne 8y ago
Short term capital gains are taxed at the same rate as ordinary income. Long term capital gains (greater than 1 year) get taxed at a lower rate.
- djrogers 8y agoFor homes, you need to have lived in the house as your primary residence for 2 of the past 5 years in order to qualify for long-term capital gains.
- TomVDB 8y agoThis is not true at all. You need to live there for 2 of the past 5 years to claim your $500k capital gains exclusion. Otherwise the normal short-term/long-term capital gains rules apply. https://www.thebalance.com/sale-of-your-home-3193496 https://www.thebalance.com/sale-of-your-home-3193496