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Ask Lane Your Own Question
Category: Capital Gains and Losses
Satisfied Customers: 12056
Experience:  Have been providing Financial and Tax advice for 30 years.Concentration in Corporations, Estate, Income Tax and Business Planning
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If I bought my house a year ago for $390,000 and sell it now

Customer Question

If I bought my house a year ago for $390,000 and sell it now for $410,000, are there capital gains? How much? If I sell for $400,000 what would the capital gains be?
Thank you!
Submitted: 2 years ago.
Category: Capital Gains and Losses
Expert:  Lane replied 2 years ago.
Hi,Yes you will have a gain of 410,000 - 390,000 =20,000.And yes, because you haven't lived in the home for 2 years, you don't qualify for the complete exclusion BUT if it's been a year the lower LONG-TERM gain rates apply..Long-term gains and qualified dividends are taxed at0% if taxable income falls in the 10% or 15% marginal tax brackets15% if taxable income falls in the 25%, 28%, 33%, or 35% marginal tax brackets20% if taxable income falls in the 39.6% marginal tax bracket.Let me know if you have questions from here ....Lane.
Customer: replied 2 years ago.
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Expert:  Lane replied 2 years ago.
Let me know if I can help further....Lane.If this HAS helped, I would appreciate a positive rating (using the stars or smiley faces on your screen)… That’s the ONLY WAY I'll be credited for the work here, Thanks!

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