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.