Tag: CapitalGainsTax

Are you trying to understand the basics of what capital gains tax is and how it might affect you? Capital gains tax is a tax that is imposed on the profits that you make when you sell a capital asset, such as stocks, bonds, or real estate, for more than what you originally paid for it. It is important to bear in mind that the amount of capital gains tax you pay may depend on how long you have owned the asset and where you live. It is important to familiarize yourself with the tax rates that are applicable to you and the rules that you must follow so that you don’t end up having to pay more than necessary.

Capital

Capital Gains Tax on Home Sale: An Overview for Forex Traders

By Penny Grimes
August 25, 2023

6 min read

Capital Gains Taxes (CGT) on home sale profits are payable to the IRS if a person sells a home for more than their purchase price. Depending on how much the profit is, the rates can vary. Generally, if the profits are less than $250,000 for individuals (or $500,000 for married couples filing jointly), then there is no tax on these profits. However, if the profits are more than these amounts, then taxes will apply at 15% or 20%, depending on the profit margin and other conditions. Furthermore, individuals may be able to avail of exemptions when it comes to CGT on the profits generated from the sale of their home.