Capital gains %question.

[seagoing]

What is the name of your state? Fl. if I sell my home above the exclusion amout,what percentage would I pay,and how is it determined. I am disabled with no taxable income. I am single and expect the sale of the home to be approx. $950,000.Purchased with a basis of $176,000.Thank you

 

[LdiJ]

What is the name of your state? Fl. if I sell my home above the exclusion amout,what percentage would I pay,and how is it determined. I am disabled with no taxable income. I am single and expect the sale of the home to be approx. $950,000.Purchased with a basis of $176,000.Thank you

Its an extremely complicated calculation, dependent on many variables.

Your basis is not just your purchase price, but also the costs of any improvements done over the years.

However, your taxable gain in the above scenario would be approx 524,000

Capital gains tax rates are 5%, 15% or your marginal tax rate.

You need to get a consult with a local tax professional. If I was at the office with my software available to me I would give you a rough estimate...but I am not going to do it by hand...sorry.

 

[seagoing]

I understand ,Thanks for your reply.