No. Capital gains taxes are not taken from your residence.
…does anyone in this thread actually own a residence or at least conduct a basic level of research before forming strong opinions?
No. Capital gains taxes are not taken from your residence.
…does anyone in this thread actually own a residence or at least conduct a basic level of research before forming strong opinions?
Cryophilia@lemmy.world 3 weeks ago
Capital gains absolutely apply to primary home sales. You’re just allowed to exclude the first $250k of gains, or $500k if married filing joint.
www.irs.gov/taxtopics/tc701