Mickey7@lemmy.world to Lemmy Shitpost@lemmy.world · 3 days agoOwing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury youlemmy.worldimagemessage-square319fedilinkarrow-up1750arrow-down186
arrow-up1664arrow-down1imageOwing your home today is nearly impossible, but even if you did the ever increasing property taxes will bury youlemmy.worldMickey7@lemmy.world to Lemmy Shitpost@lemmy.world · 3 days agomessage-square319fedilink
minus-squareglockenspiellinkfedilinkarrow-up1arrow-down2·1 day agoNo. Capital gains taxes are not taken from your residence. …does anyone in this thread actually own a residence or at least conduct a basic level of research before forming strong opinions?
minus-squareCryophilia@lemmy.worldlinkfedilinkarrow-up2·1 day agoCapital gains absolutely apply to primary home sales. You’re just allowed to exclude the first $250k of gains, or $500k if married filing joint. https://www.irs.gov/taxtopics/tc701
No. Capital gains taxes are not taken from your residence.
…does anyone in this thread actually own a residence or at least conduct a basic level of research before forming strong opinions?
Capital gains absolutely apply to primary home sales. You’re just allowed to exclude the first $250k of gains, or $500k if married filing joint.
https://www.irs.gov/taxtopics/tc701