Depending on your overall income, your capital gains income tax rate will be either 0%, 15% or 20%. The capital gains rates for 2024 are as follows:
- Zero percent rate for the following income
- $47.025 for single or MFS
- $63,000 for HOH
- $94,050 for Married Filing Jointly
- Fifteen percent for income more than above but less than below
- $291,850 for MFS
- $518,900 for Single
- $551,350 for Head of Household
- $583,750 for Married Filing Jointly
The gain on the sale of your home would be Capital Gains tax.
The rest of your income, other than the capital gains income, will be taxed at your ordinary tax rate.
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