Capital Gain on Vacation home

02-08-2006, 05:28 PM

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Join Date: Jan 2005

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Capital Gain on Vacation home

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.

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