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Is gain on the sale of home counted as taxable income? 0 percent, 15 percent or 20 percent per income tax bracket is based on ordinary income, not capital gain?
For example, my income is $44000, which is in 0% bracket.
But if my sale of house has $150000 profit, after $250000 reduction of being primary residence.
My taxable income is now $44000+$150000 =$194000? then it is subject to 15% tax bracket, not 0% because of my ordinary income?
But if my sale of house has $150000 profit, after $250000 reduction of being primary residence.
My taxable income is now $44000+$150000 =$194000? then it is subject to 15% tax bracket, not 0% because of my ordinary income?
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May 11, 2024
4:10 PM