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CityStinks
New Member

I sold a home for $138,000; do I pay capital gains?

It was purchased for approx. $67,000 26 years ago.
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KenH1
New Member

I sold a home for $138,000; do I pay capital gains?

No, you will not pay any taxes on your home sale, since your gain was less than $250,000 (or $500,000 for a joint return), and you owned and lived in it for more than 2 years.   You do not even need to report it.

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KenH1
New Member

I sold a home for $138,000; do I pay capital gains?

No, you will not pay any taxes on your home sale, since your gain was less than $250,000 (or $500,000 for a joint return), and you owned and lived in it for more than 2 years.   You do not even need to report it.

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