Legal Question in Tax Law in California
Capitol gains taxes
I would like to know about capitol gains taxes I am selling my home and will be getting--name removed--pretty good profit but not over 200,000 and would like to seehow much if any I will be taxed on. I would also like to know how much I will be taxed from the government.
1 Answer from Attorneys
Re: Capitol gains taxes
There is a $500,000 exemption form capital gains if you are married (or $250,000) if single or filing separately) provided you have lived in the home for two of the last 5 years.
Based on the information that you provided, you should have no capital Gains tax liability.
However, if you had sold another home prior to owning this one, and delayed capital gains on that sale, you would be required to combine your gain on the present home with the gain on your previous home.
Let me know if you have any further questions.
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