American Tax Service

Helping Americans File Their Taxes

Apr
18

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What is Capital Gains Tax on Your Home Sale?

Category: Tax Tags: , , , , , , , , ,

Are you wondering if you’ll have to pay capital gains tax on your home sale?

What is the capital gains tax rate on homes and real estate?

Many people do not know that a large portion of homeowners who sell their homes can avoid capital gains tax on their home sales.

How Much is Capital Gains Tax on the Sale of a Home?

When selling your primary home, you can make up to $250,000 in profit or double that if you are married, and you won’t owe anything for capital gains.

The only time you will have to pay capital gains tax on a home sale is if you are over the limit.… Read the rest

Oct
12

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What is Capital Gains Partial Exclusion for Home Sale?

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What is the Capital Gains Exclusion?

The capital gains exclusion is an IRS tax provision that allows you to exclude a certain amount of your capital gains from your taxable income. For example, if you have a capital gain of $10,000, you can exclude $3,000 of it from your taxable income.

Capital gain on a home sale is the difference between the selling price of your home and the original purchase price, plus any improvements you made to the home. The capital gains tax on your home can have a big effect on how much profit you ultimately bring in from selling your home and/or property.… Read the rest

Apr
1

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What is Capital Gains Tax on Sale of a Business?

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Year in and year out, as a business owner, you pay taxes on what’s called “ordinary income”. When you sell your business, the tax on the increased value of your business is called capital gains tax. This article discusses the definition, calculation, and ways to minimize or eliminate capital gains taxes on the sale of a business.

capital gains tax sale business

What Are Capital Gains Taxes?

When you earn a salary, commissions or business income, you get taxes on the income as it is received.… Read the rest