Tax rate on sale of home

Question

Feb 1, 2006, 05:22 AM

rdesai

New Member

Join Date: Jan 2006

Posts: 2

Tax rate on sale of home

If I sell a my home within two years of purchase and cant use the exclusion clause, and if I am in the minimum tax bracket, what will be the capital gains tax rate charge for sale of my home? Thanks

Answers

Feb 1, 2006, 09:21 AM	#2

AtlantaTaxExpert Senior Tax Expert Join Date: Feb 2005 Location: Atlanta, Georgia Posts: 13,322	In general, if your tax rate is 15% or lower, then your capital gains rate is 5%. Otherwise, the maximum capital gains rate is 15%. There are exceptions to this rule, but none that would apply to you.

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