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bevlengacher
April 13, 2022
Question

Do I owe capital gains tax on the sale of a second/vacation home, if my adjusted gross income is under $40,000?

  • April 13, 2022
  • 2 replies
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2 replies

B
Bsch4477
Employee
April 13, 2022

Long term capital gains rate is based on taxable income and not AGI. You are correct that income less than $40,000 for single filer has zero capital gains rate. But be sure that your gain didn’t push you over the $40,000 limit. 

    P
    PattiF
    April 13, 2022

    It depends on the amount of the gain from the sale of your second home. You may owe tax on the sale.

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