Understanding Capital Gains Taxes on your Home Sale

Clients ask me a lot of questions about capital gains and how it works. 
Watch this video or read below.

Several variables work into this calculation:

1. Property Tax Base AKA Purchase Price
Sale price of the property
3. Total $ of home improvements made (kitchen remodel, new windows etc), NOT maintenance** 
4. If you own the property as a married couple or single person ($500k/$250K tax exemption)
5. Your tax bracket** (based on income level) which INCLUDES your home sale profits for that tax year
6. Cost of sale

**Please consult your financial planner or CPA for the best answer in your situation.  If you need a recommendation, please contact me.

Read more about selling your home in the IRS Publication 523, "Selling Your Home"
Read about capital gains and the different tax rates
If an original owner of the home is now deceased, please consult the Step-up Basis page to see if you can benefit from this tax law.

To see a spreadsheet calculation for your home's sale in today's market, please fill out the information below and we will reach out to you to gather the 5/6 variables above and create a CUSTOM ESTIMATE for you.  

Please be assured that your e-mail address will never be sold, shared or used for any other purpose without your permission.