Real Estate

Made a profit selling your home? Here’s how to avoid a tax bomb

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If you recently made a profit selling your home, it may come with a costly surprise this filing season: capital gains taxes on your windfall.

In 2021, the average U.S. home seller scored a profit of $94,092, up 71% from $55,000 two years ago, according to ATTOM, a nationwide property database.

While many sellers’ profits fall under the capital gains thresholds for primary homes, others may get hit with an unexpected bill, particularly long-time property owners, experts say.

More from Advice and the Advisor:

Home sales profits are considered capital gains, levied at federal rates of 0%, 15% or 20% in 2021, depending on taxable income.

The IRS offers a write-off for homeowners, allowing single…



Source cnbc.com

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