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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.
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‎February 7, 2024
3:40 PM
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