Tag: primary residence

The article addresses concerns about potential capital gains taxes when selling a home with significant appreciation. Homeowners can often avoid taxes by selling their primary residence, as a profit of up to $250,000 for single filers (or $500,000 for those filing jointly) is exempt from capital gains tax. Any profit exceeding that amount is subject to capital gains tax rates (0%, 15%, or 20% depending on income). The article advises