taxes






 

Question by  Jake83 (29)

Do you have to pay capitol gains taxes on homesteaded properties?

I have a homesteaded property will I need to pay a capitol gains tax?

 
+14

Answer by  Chaneygirl (1755)

You don't have to pay capital gains tax on the sale of your personal residence if the gain on sale is under $250,000 single or $500,000 joint and you have owned and lived in the home (as your main residence) for 2 of the last 5 years.

 
+5

Answer by  Paul6722 (21)

No, as long as you lived in your home for at least two years and the gain is less than 250,000 or 500,000 for joint returns.

 
+1

Answer by  naveensolanki (31)

Yes i shall have to pay capital gains tax. good part is that it is adjusted for inflation. It should be abolished

 
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