3 ms·
https://www.bankrate.com/real-estate/capital-gains-tax-on-real-estate/ https://www.bankrate.com/real-estate/capital-gains-tax-on-re... "For the 2023 tax year,
by latchkey 3y ago
https://www.bankrate.com/real-estate/capital-gains-tax-on-real-estate/ https://www.bankrate.com/real-estate/capital-gains-tax-on-re...
"For the 2023 tax year, you are not subject to capital gains taxes if your taxable income is $44,625 or less ($89,250 if married and filing jointly). If it’s $44,626–$492,300 as a single filer, or $89,251–$553,850 if married and filing jointly, you would pay 15 percent on the $250,000 profit. Above those top amounts, the capital gains rate would be 20 percent."
- Thorrez 3y agoHow is that relevant?
- latchkey 3y agoPeople selling their house can take advantage of the tax break. OP was curious about why they'd sell and that could be a reason. Now give me back my downvote please. ;-)
- Thorrez 3y agoWhat tax break? I think you just quoted the capital gains tax rates[1]. That's a tax, not a tax break. Those rates apply to all capital gains, not just houses. They're basically the same every year. The numbers increase each year for inflation. There actually is a tax break, the paragraph after what you quoted. But I don't think that's new or ending soon. So that's also not something that would trigger people to sell now rather than in a year from now. [1] https://www.bankrate.com/investing/long-term-capital-gains-tax/#rates https://www.bankrate.com/investing/long-term-capital-gains-t...