Real Estate and Home Mortgages - Capital ganes

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drj3565
06-06-07, 06:42 PM
when you sell your house what is the percentage rate they figure for capital gains is it your local sell tax rate or is it some other rate .

marksr
06-06-07, 07:15 PM
Captial gains tax is the amount of income tax [not same rate as regular income] that the gov't says you owe :eek: If I'm not mistaken, you don't need to pay this tax if selling your residence that you've lived in for the last 2 yrs. There is a $ amount limit.
slumlordfrank
06-06-07, 07:19 PM
marksr is correct. If you sell your PRIMARY RESIDENCE, and you've lived in it for TWO of the LAST FIVE years, there is no tax.

frank

drj3565
06-06-07, 07:21 PM
This is a rental house.