Is Selling A Home Capital Gains? Be sure to subscribe to her YouTube channel for all of your real estate tips, home tours and advice!
Does selling your home count as taxable income? Well, if you lived in and owned your primary residence for two of the last five years prior to selling your home, then you may not have to worry about what’s called capital gains tax.
And what that is is basically taxes that are levied based on assets when they are sold, such as stocks and real estate. So, for example, you purchase your home for 300,000, and then you sell your home for $500,000. Well, if you didn’t live in that home for over two years, then you may be paying capital gains tax on that $200,000.
So definitely talk to your accountant for tax preparation purposes. And if you have any questions, please leave a comment below. Please share with anyone you think it’d be helpful to and as always, close with Patrice.
This has been “Is Selling A Home Capital Gains?” by Patrice Henderson of Designed Living Real Estate. Be sure to subscribe to her YouTube channel for all your real estate tips, home tours and advice. Get your FREE listing consultation or buyer’s consultation to learn more about the buying and selling processes including more information on capital gains tax.
Check out more home seller tips and home buyer tips to learn more on the home selling process and home buying process as well and feel free to reach out to us should you have any questions or concerns or want us to help you with your real estate needs at (248) 780-2518. We are always happy to educate and help our clients through designing the right real estate solutions so they can live the life they desire.