What is the name of your state?California. I'm selling my personal residence that I've owned and lived in for 30 years for a smaller house. I know about the $250,000 per person capital gains tax exclusion, but I will realize more than $500,000 in gains.
Do I have a taxable situation on the capital gain over $500,000 even if I roll over all the proceeds into the new property?. If so, is it at a 15% rate. My real estate agent raised the issue but wasn't sure of the answer.
Do I have a taxable situation on the capital gain over $500,000 even if I roll over all the proceeds into the new property?. If so, is it at a 15% rate. My real estate agent raised the issue but wasn't sure of the answer.