I am selling my residence after 13yrs of living in it. I purchased it first $325,000 and am selling it for $450,000. What is my estimated tax liability?
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I am selling my residence after 13yrs of living in it. I purchased it first $325,000 and am selling it for $450,000. What is my estimated tax liability?
Hello, I would be happy to help you.
You are allowed to exclude $250,000 of capital gain from your taxable income if you are single and $500,000 if you are married.
Since your gain is $125,000, you will need to report the sale on your tax return but you won't owe any taxes relating to the sale.
Ryan Parker, EA
Tax Preparer
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