I am selling my house this fall.
With my Capital improvements and $250,000 capital gain tax exemption, I will have 0 capital gains tax.
I am wondering how the home sale will affect my income and tax bracket when I file my 2025 taxes.
I am selling my home this fall. The sale price, the original purchase price, capital improvements, and the capital gains exemption will exempt me from capital gains.
For the home sale after my closing expenses and final mortgage payments, I expect to have $200,000
I am not purchasing another property. Does that $200,000 count toward taxable income for 2025 or because it is exempt from the capital gains tax, it doesn't? Wondering how this will affect my FAFSA filing for 2026 (which uses 2025 numbers)
If so, is there an investment I can do with that where it wouldn't count toward taxable income
