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    rdesai's Avatar
    rdesai Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 1, 2006, 06:22 AM
    Tax rate on sale of home
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 1, 2006, 10:21 AM
    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.
    djausa's Avatar
    djausa Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Aug 9, 2012, 10:58 AM
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Aug 9, 2012, 11:25 AM
    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.
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