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CGassist.168, Accountant
Category: Capital Gains and Losses
Satisfied Customers: 3728
Experience:  Tax Accountant
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Anyway i can find out what the capital gains tax amount to

Customer Question

anyway i can find out what the capital gains tax amount to be paid after the sell of my condominium in emerald isle nc and how to reduce amount?
Submitted: 1 year ago.
Category: Capital Gains and Losses
Expert:  CGassist.168 replied 1 year ago.

1) You must first determine if you are actually going to incur a gain. You start with the cost basis, which is the original cost of the property plus qualified improvements. If the cost basis amount is more than the selling price, then you have incurred a loss. If the cost basis is less than the selling price, then you have a gain. If you do have a gain and you don't qualify for the home sale exclusion, the capital gains tax will likely be 15% unless you are in a high income bracket, then it will be 20%. For more detailed information regarding gains, refer to the following IRS webpage:

2) If this was your primary residence and you meet the residence and use tests, you will qualify to exclude up to $250,000 of the selling price if your filing status is single. If the condo is your primary residence, you likely won't have a gain. Refer to IRS Pub 523 for more detailed information regarding the home sale exclusion.

Link to Pub 523:


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