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I've read numerous NY tax websites about it but it just isn't sinking in and it's so confusing. I read something about how it goes by how much income you're making too so would it be better to wait until my husband retires at 62 until we sell our house and he's making less?
This is our only residence and we've lived here 17 years.
Thanks for any help. I'm such a dummy when it comes to this stuff.
a house that is a permanent residence and that you lived in for 2 out of 5 years has up to 250k in gains excluded if you are single or 500k in gains if a couple .
a house that is a permanent residence and that you lived in for 2 out of 5 years has up to 250k in gains excluded if you are single or 500k in gains if a couple .
will you make more than 500k profit ?
oh gosh, that's so close. I don't know.
My agent tells me my house will go for upper 600s, maybe 700k , but we've got a mortgage of 125k.. Do they count mortgage payoff as part of the profit?
oh I'm confused.. is profit the difference between what we purchased it at and what it sells for?
edited.. i found a capital gains tax calculator online and I think we're safe. phew...
Last edited by elliedeee; 04-08-2016 at 07:47 AM..
if your total taxable income when you sell with the capital gain is less then about 73k then you are in the zero capital gains bracket and can pay zero on the overage .
if your total taxable income when you sell with the capital gain is less then about 73k then you are in the zero capital gains bracket and can pay zero on the overage .
yes , first all non capital gain income goes in the bucket , whatever space is left can be filled up with capital gains income up to 73k and change . the overage gets taxed at 15% until you get very very high.
realize states do not recognize zero capital gains brackets so you will pay state tax if your state has one
well 500k in tax free gains is nothing to sneeze at .
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