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re: Capital gains question on real estate
Posted on 4/26/24 at 6:32 pm to Lsut81
Posted on 4/26/24 at 6:32 pm to Lsut81
If you are single, you get a 250k exemption on capital gains if you have lived in the house 2 of the last 5 years. 500k if you are married.
If the house went up more than your exemption, you still have to pay capital gains on anything over that amount.
If the house went up more than your exemption, you still have to pay capital gains on anything over that amount.
1
Posted on 4/26/24 at 8:59 pm to horsesandbulls
You can deduct any investment $ put towards it construction wise as well.
I'm selling 480. Owe 90k loan, 35k closing, and 120k invested into it all get deducted, for 235k gain. I'm just under it on my end
I'm selling 480. Owe 90k loan, 35k closing, and 120k invested into it all get deducted, for 235k gain. I'm just under it on my end
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