If My adjusted income is 155,000.and I sold a 2nd home for a net profit of 430,000 is that amt added to my ordinary adjusted income and all taxed at the combined rate?
01764
1 Replies
Vanessa
Level 3
Jun 1, 2019 8:52:42 AM
No, the sale would be a capital gains sale which is taxed at a different rate than your ordinary income.