Upon selling my home, do I owe any Capital Gains Tax?
You may be in a situation where you may owe none at all…this because (1) if there is a loss on the sale, then there is no Capital Gains that are applicable. Also know that “losses” are not deductible relative to the sale of your home.
On the other hand (2) if there is a profit on the sale, then you may be subject to owing a Capital Gains tax.
So before you panic, you the home seller needs to understand the rule in regards to a potential Exclusion of Capital Gains Taxes. There is some “details” the home seller needs to know and I will explain them as we-continue-on with this article OK?
How and how much of ...