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kychapple-live-c
May 24, 2021
Question

How to estimate taxes on the sale of a home in 2021?

  • May 24, 2021
  • 2 replies
  • 0 views
Trying to estimate how much if any tax we'll owe on the sale of a home in 2021.  I'm aware that no tax is due for individuals up to $250,000 or $500,000 for couples.  Trying to estimate the total capital gains from the sale and if we fall below or above and exclusion of the gain.

2 replies

DoninGA
DoninGA
Employee
May 24, 2021

The Gain or Loss on a Home Sale = Sales Price minus Sales Expenses minus the Adjusted Basis (Purchase Price plus cost of improvements prior to the sale)

DoninGA
DoninGA
Employee
May 24, 2021

Go to this IRS website for the publication Selling Your Home - https://www.irs.gov/pub/irs-pdf/p523.pdf

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