𝐐𝐔𝐄𝐒𝐓𝐈𝐎𝐍 𝐎𝐅 𝐓𝐇𝐄 𝐃𝐀𝐘:
Do I need to pay capital gains tax on the sale of my property?
Making a change by selling your current property and purchasing a new home can sometimes have tax consequences. It is important to consider any tax ramifications before you make your move. You can exclude up to $250,000 in gains ($500,000 for married couples) on the sale of your current residence.
For example, if you purchased your current home for $70,000 and sell it for $280,000. The gain would be $210,000. You have an exclusion of $250,000 (if married, it is $500,000), and therefore would not pay capital gains tax on the sale.
I specialize in downsizing. Give me a call and we can find your perfect new home together. 𝐘𝐨𝐮𝐫 𝐒𝐚𝐭𝐢𝐬𝐟𝐚𝐜𝐭𝐢𝐨𝐧 𝐢𝐬 𝐦𝐲 𝐓𝐎𝐏 𝐩𝐫𝐢𝐨𝐫𝐢𝐭𝐲!
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✔️Tawana Bourne, Broker - REALTOR® - Investor
📞 (Mobile/Text) 860.834.1220
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*Disclaimer. Q&A’s are for marketing purposes only and are not intended to offer real estate advice to non-represented parties. Please consult with a real estate professional under their contractual representation for answers to your real estate questions.