Do You Owe Capital Gains Tax on Homes? Everything You Need to Know About Capital Gains and Real Estate
You worked hard to become a homeowner. Now, what happens when it’s time to sell? We break down one of the biggest tax considerations you need to know. What is the capital gains tax? In general terms, a capital gains tax is the tax on the profit you receive when you sell a taxable asset that has increased in value. For example, if you purchased a piece of art for $2,000 and later sold it for $15,000, only the net $13,000 would be taxed. How is the capital gains tax related to real estate? Things get a little more Read More