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Did you inherit the house from your dad when he died? What is your filing status and if you itemize deductions, how much are the itemized deductions?
assuming the 6 kids collectively inherited the home, the profit is $386,000 less closing costs and any improvements that occurred over time. Your share is approx $64,500. Further assuming it wasn't rented and depreciated, 15% capital gains tax is due for federal and state tax (depending on the rules for your state) . That is the simple case.. gets more complex if it was rented out and depreciated.
If you file Married Filing Jointly, your taxable regular income would be your AGI (without capital gains) of $64,926 minus at least $24,000 of standard deduction leaving $40,926 or less of taxable income. You must add your capital gains to your other taxable income to determine the capital gains tax rate. The capital gains on the amount that brings the total up to $70,200 is taxed at 0% capital gains tax rate. That amount would be at least $36,274 ($70,200-$40926). The balance of the capital gain would be taxed at 15%. If the total capital gains were $64,500, then the balance would be $28,226 ($64,500-$36,274) taxed at 15%.
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