Do you pay taxes on profit from selling a house? If you are considering selling your home with equity and wondering do you pay taxes on a house you sell, then this video is for you. In this video I discuss if you sell a home do you pay taxes as well as capital gains exemptions when selling a house.

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Do you pay taxes on a house you sell? How can I avoid Capital Gains on Real Estate?

This question all depends on a few different things which we’re going to discuss here. If you live in California and are selling your primary residence that you have lived in 2 of the last 5 years then you have a capital gains exemption when selling your home. There is an exemption of up to $250,000 if you are single or $500,000 for a married couple. Anything beyond those numbers could be taxed but remember that there are other fees that can be deducted like home improvements, etc…....Remember, it’s always a great idea to speak with a CPA when discussing taxes.

If you sell rental or investment property, you can avoid capital gains and depreciation recapture taxes by rolling the proceeds of your sale into a similar type of investment within 180 days, this is called a 1031 Tax Exchange after the tax code

Do you pay income tax on selling a house?

No, you don’t pay income tax on selling a house. The tax on selling a home is a capital gains tax. In some cases, there are ways around this capital gains tax which I mentioned above.

Capital Gains Explained

Capital Gains are any profit you make when selling a property whether it be a primary residence or any investment property.

What are Capital Gains Taxes in California?

Long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. Long-term capital gains tax rates are 0%, 15% or 20% depending on your taxable income and filing status. They are generally lower than short-term capital gains tax rates.

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