re: hey are close to a deal to sell their house – for $1.35 million, a cool 67 percent gain.
How much of that gain will they have to fork over in taxes when the IRS demands its cut?
RE: How much of that gain will they have to fork over in taxes when the IRS demands its cut?
I believe this rule is from the Clinton era and has not been changed — the first $500,000 of your profit from selling your own home is TAX FREE. Anything above that is taxable.