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Ask Dave

Sold The House; Pay The Gains?

AJ is getting ready to sell his house. What role does capital gains tax play in the profits?

QUESTION: AJ wants to sell his home, and has lived there for 6 years. If he makes a profit from that and wants to move up in house, does he owe taxes on the money he makes?

ANSWER: You have no taxes on your personal residence gain up to $250,000 for a single, or $500,000 for a married couple, if you’ve lived in it for at least 2 years. You won’t have any capital gains tax to pay here.

Tax Pro or File Your Own?

Take the Quiz

Tax Pro or File Your Own?

Use this free quiz to help you decide which tax filing method is right for you.
 
Take the Quiz

Tax Pro or File Your Own?

Use this free quiz to help you decide which tax filing method is right for you.
 
Take the Quiz