topic The way I understand capital gains is that I take the selling price minus what I paid minus improvements and the remainder is taxed at the regular rate? Is this true if you haven't in your home for t in Deductions & credits

The way I understand capital gains is that I take the selling price minus what I paid minus improvements and the remainder is taxed at the regular rate? Is this true if you haven't in your home for t

nancyrrestivo — Thu, 08 Oct 2020 23:47:39 GMT

Re: The way I understand capital gains is that I take the selling price minus what I paid minus improvements and the remainder is taxed at the regular rate? Is this true if you haven't in your home for t

Anonymous_ — Fri, 09 Oct 2020 01:31:38 GMT

That is close except if you held the property for more than a year, you would be taxed at the long-term capital gains tax rate.

Also, your message was truncated so you might want to re-post it.

@nancyrrestivo

Re: The way I understand capital gains is that I take the selling price minus what I paid minus improvements and the remainder is taxed at the regular rate? Is this true if you haven't in your home for t

Opus 17 — Fri, 09 Oct 2020 03:51:36 GMT

If this is your personal home that you own and live in, and you have to sell it after less than two years, you may qualify for a partial capital gains exclusion if you are selling the home due to a job change, for medical reasons, or for certain other unforeseen circumstances as described in IRS publication 523. If you don’t qualify for a partial exclusion, then you would owe regular income tax on your gain if you owned the home less than a year, and the long-term capital gains rate if you owned your home more than a year but less than two years.