I'm Selling My House and Netting $480k. Can I Avoid Taxes While Downsizing for Retirement?
In most cases, when selling your primary residence you can exclude $500,000 of the gain if you file as a married couple. If that's your situation, and you meet conditions to have the gain qualify as a long-term capital gain, you likely won't owe any tax. If you file singly while still meeting long-term capital gain conditions, you can only exclude $250,000. In that case you'd likely owe taxes on $230,000 of the gain.
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