Ask Question
BusinessBusiness
18 July, 23:44

Do you have to pay capital gains when you sell your house

+2
Answers (1)
  1. 19 July, 01:45
    0
    If you owned and lived in the place for two of the five years before the sale, then up to $250,000 of profit is tax - free. If you are married and file a joint return, the tax - free amount doubles to $500,000. The law lets you "exclude" this much otherwise taxable profit from your taxable income.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Do you have to pay capital gains when you sell your house ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Your client performed the physical count of inventory as of November 30, one month prior to year-end. Subsequently, your client closed the sales journal on 12/29/XX, two days before year-end, and reported those two days' credit sales in January of
Answers (1)
Assume the following information pertaining to Moonbeam Company: Finished goods inv: Beg: 130,000 End:124,000 Work in process inv: Beg: 85,000 End: 104,000 Direct Materials: Beg: 117,000 End: 130,000 Costs incurred during the period are as follows:
Answers (1)
Electronic funds transfer: uses paper checks uses some paper checks does not use paper checks is a manual transfer system none of these
Answers (1)
When members of the buying center agree to consider ibm, dell, and hewlett-packard in purchasing new computers because they are the firms that expressed interest, which stage of the business-to-business buying process is taking place?
Answers (1)
Evan, a shareholder, owned 20% of Yorker's stock for 200 days and 25% of Yorker's stock for the remaining 165 days of the year (not a leap year).
Answers (1)
New Questions in Business
In latvia, only one six-lane highway exists, connecting riga, its capital, with moscow. otherwise, the roads are two lanes and many are made of cobblestones or bricks.
Answers (1)
When the government injects money into the economy, consumers may have more disposable income, which may lead to higher unemployment. higher production lower production. increases in taxes.
Answers (2)
Stock prices are determined in the financial markets. Management's primary goal is to maximize the firm's stock price, so financial managers need to understand how these markets operate in order to make good decisions.?
Answers (1)
The World Trade Organization (WTO) has an important role in international trade. From the list below, select all statements about the WTO that are true. It is possible that more than one statement is true. 1.
Answers (1)
On October 1, 2019, Donna Equipment signed a one-year, 8% interest-bearing note payable for $50,000. Assuming that Donna Equipment maintains its books on a calendar year basis, how much interest expense should be reported in the 2020 income
Answers (1)
Home » Business » Do you have to pay capital gains when you sell your house
Sign Up Forgot Password?