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Question

Capital Gains

Forum|Forum|1 year ago
January 31, 2025
1 reply
0 views

6 years ago my wife and I purchased a house for her parents to live in rent free. Her dad passed last month and her mom will be moving in to live with family so the house will be vacant. Our goal is to sell it. We paid 95k for the house and have put approx 40k into upgrades. Our plan is to take the proceeds from the sale and apply it to the mortgage on our primary residence. I'm thinking we will clear about 225k. What are we looking at for capital gains or does putting it against our mortgage remove that tax burden. Thanks so much.

Not A Product Question

No, using the proceeds to pay down the mortgage on your main residence will not offset the Capital Gain tax.

The rate on Capital Gains is based on your total income for that year (including the profit from the house)

HERE is a link to the 2024 rates.

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