If I sell a my home within two years of purchase and can't 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

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.

I live in Clearwater Florida and am selling my home. I hope to receive 80,000.00 for this. How much of this would I owe the IRS? I also plan to pay off some bills for my daughter. Can I deduct this on my taxes and if so would she need to claim this as income.

Thank you,
Donna

Donna:

If you lived in the house for at least TWO of the past five years as your primary home, then the gain on the sale is EXEMPT from federal income taxes. You do not even have to report the sale.