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re: Selling first home. Question: Should I in this scenario?
Posted on 12/3/17 at 10:59 pm to rpg37
Posted on 12/3/17 at 10:59 pm to rpg37
Look up section 121 personal residence exclusion. To qualify, you must live there for 2 of the last 5 years.
You can use the 121 exclusion multiple times a long as you meet the criteria.
Capital gains tax top rate this year is 20% plus Obama care tax and state cap gains tax. If you've depreciated the property, you must pay recaptured depreciation rates on that portion.
Talk to an accountant, CPA, or tax attorney to determine your tax liability.
You'll need a qualified intermediary if you choose to do an exchange.
You can use the 121 exclusion multiple times a long as you meet the criteria.
Capital gains tax top rate this year is 20% plus Obama care tax and state cap gains tax. If you've depreciated the property, you must pay recaptured depreciation rates on that portion.
Talk to an accountant, CPA, or tax attorney to determine your tax liability.
You'll need a qualified intermediary if you choose to do an exchange.
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