RobertB4444
Expert Alumni

Get your taxes done using TurboTax

1. Long term capital gains rate is either 10 or 15% depending on your other income.  15% is a very safe estimator.  

2. You need documentation of what you paid.  If you don't have a receipt then the estimate and a cancelled check/credit card receipt would do.

3. TurboTax can handle this transaction just fine.  But make sure as you enter the details that you are entering that this was a sale of your primary residence.  Since it was your home there is a $250,000 exclusion from gain allowed ($500,000 if you are a married couple) so that should reduce your tax bill significantly.  And yes, all of your capital gains get added up together in order to calculate the taxes due.

 

@SamSong618 

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