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Consider talking to a tax pro before the sale so you know what to expect. A big home sale gain can affect other areas of your finances, such as your Medicare premiums, and may require you to pay quarterly estimated taxes. You can find more details in IRS Publication 523, Selling Your Home. Many of the costs you incur to sell the home, such as real estate agent commissions and notary fees, also can be used to reduce the capital gain.
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If you put wall-to-wall carpeting and then removed it to install hardwood floors, only the cost of the hardwood floors would count. Improvements don’t include maintenance required to keep your home in good condition, such as painting, fixing leaks or repairing broken hardware, or improvements that are later taken out. Examples would include additions (bedrooms, bathrooms, decks, garages, etc.), heating or air conditioning systems, plumbing upgrades, kitchen remodels and landscaping, among other costs. The IRS defines home improvements as expenses that add to the value of your home, prolong its useful life or adapt it to new uses. However, you can use the value of home improvements you’ve made over the years to reduce your taxable gain - assuming you kept those receipts. The average price of the single family homes for sale in Las Vegas, is 1,099,998, the average condo price in Las Vegas, is 749,249. Of these properties, 1 single family homes are for sale by their owners in Las Vegas.
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The capital gains calculation doesn’t factor in the value of your replacement home or whether you have a mortgage. Currently Las Vegas has 3 properties on the market for sale. As a married couple, you can exclude up to $500,000 of gain - but that still leaves you with more than $400,000 of potential capital gains. Now homeowners of any age can exclude up to $250,000 each in capital gains on the sale of their primary residence, as long as they’ve owned and lived in the house for at least two of the previous five years. Those rules were replaced in 1997 with the current law.
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In addition, there was a one-time exclusion for homeowners over age 55, who could exclude up to $125,000 in home sale gains. Will we have to pay capital gains tax?Īnswer: Before 1997, a homeowner could defer paying taxes on home sale gains as long as they rolled the proceeds into the purchase of another home of equal or greater value. We plan on buying a home in Tennessee for around $800,000. Our home is worth over $1 million and we paid only $98,000 in 1978. I think we qualify for a “one time” capital gains exemption. We are planning on selling our home, which is paid for, and moving to Tennessee in a couple of years. Dear Liz: We’re retired and living in California.