Biggest Challenges
Hi everyone My wife and I are about to purchase a 5th wheel and a truck. We are selling our house in July and want to travel full time. I'm curious for others experience as to what the biggest c...
Forum Discussion
OutdoorPhotographer wrote:Captain_Happy wrote:
If your home is less then $250,000.00, there is no capital gains tax to worry about. I sold mine last year for a lot less then that. If you don't believe me go to the IRS web site and check it out for yourself. Like others have stated, if your younger then 65, health insurance is going to be your biggest monthly expense. Now if your over 65, no problem.
Make that less than $250,000 in capital gains. Home could be $750,000 if purchase price was $500,000 and no capital gains. But if you are close, did renovations, etc, definitely talk to a CPA.
Married couples can exclude up to $500,000 in profit from sale of main home (as long as it was owned for more than 5 years by at least one of them and lived in as main home for more than 2 years).
