Question by  Jake83 (29)

Do you have to pay capitol gains taxes on homesteaded properties?

I have a homesteaded property will I need to pay a capitol gains tax?


Answer by  Chaneygirl (1755)

You don't have to pay capital gains tax on the sale of your personal residence if the gain on sale is under $250,000 single or $500,000 joint and you have owned and lived in the home (as your main residence) for 2 of the last 5 years.


Answer by  Paul6722 (21)

No, as long as you lived in your home for at least two years and the gain is less than 250,000 or 500,000 for joint returns.


Answer by  naveensolanki (31)

Yes i shall have to pay capital gains tax. good part is that it is adjusted for inflation. It should be abolished

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