Capital Gains and Losses
Capital Gains Tax Questions? Ask a Tax Advisor for Answers ASAP
Why did you not pay any capital gains on the home sold in Mass? If there is any gain, the tax percentage would likely by 15%. In order to determine your accurate gain or loss, you will calculate the sales for each property sold separately. The home considered your main home may qualify for the home sale exclusion. The 2nd home would not. If there was a gain on the sale of it, capital gains will come into play. For more detailed information relating to the sale of your home(s), you can view the IRS Pub 523.
Link to Pub 523:
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