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Deductions & credits
One thing to consider is the wording 'Partial Exclusion'. If you have a gain on your home sale of 250K, for example, and 150K is excluded (partial exclusion), you'll still have a taxable gain of 100K.
Since you're so close to having a Full Exclusion of Gain (August 2024), you might consider hanging in until then.
Because you've lived in your house about 18 months, estimate that 66% of your gain could be excluded.
Don't be afraid of Capital Gains, though, if you are really intent on selling now. Depending on your tax bracket, your Capital Gains can be anywhere from 0% to 20%
Here's more info on Home Sale Partial Exclusion.
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‎February 22, 2024
5:18 PM