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Law Educator, Esq.
Law Educator, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 118689
Experience:  Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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My private residence has almost $80-90,000 in equity. If I

Customer Question

my private residence has almost $80-90,000 in equity. If I where to sell it (live in North Dakota), would I be subject to capital gains?? I've read online that I wouldn't be because that tax law (back in the '90's) was changed.
please advise
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Law Educator, Esq. replied 1 year ago.
Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only. You could be subject to capital gains if you sell for more than you purchased the house for. However, on sale of a private residence, you have a 1 time exemption from capital gains exclusion of up to $250,000 ($500,000 if married) in gain from the sale of a principal residence. See IRC Section 121