Georgia
My husband and I are considering selling our cabin. We built it ourselves and have owned the property since late 80's. We are confused about the capital gains tax. Our costs were approx $50K in 1989. Selling it would bring approx. $300K. Because it is a second, home do capital gains apply to the entire amount? Is there a state and federal capital gains tax? Does anyone know what the rate is?
Thank you for any help.
My husband and I are considering selling our cabin. We built it ourselves and have owned the property since late 80's. We are confused about the capital gains tax. Our costs were approx $50K in 1989. Selling it would bring approx. $300K. Because it is a second, home do capital gains apply to the entire amount? Is there a state and federal capital gains tax? Does anyone know what the rate is?
Thank you for any help.