3 ms·
[removed by commenter due to incorrect information] apologies, I was misinformed. consider this comment retracted
by CptFribble 3y ago
[removed by commenter due to incorrect information]
apologies, I was misinformed. consider this comment retracted
- ipython 3y agothat's incorrect. Generally speaking you don't pay capital gains on the first $250k ($500k if filing jointly) under IRS rules. You can also adjust the cost basis of your home by adding in any improvements you may have made to the house, so assuming you made any improvements at all, you can potentially make that exemption even higher. See https://www.irs.gov/taxtopics/tc701 https://www.irs.gov/taxtopics/tc701.