{"id":1321,"date":"2021-03-29T09:00:23","date_gmt":"2021-03-29T13:00:23","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1321"},"modified":"2024-04-25T23:20:02","modified_gmt":"2024-04-26T03:20:02","slug":"for-home-sellers-capital-gains-tax-101","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/for-home-sellers-capital-gains-tax-101\/","title":{"rendered":"For Home Sellers: Capital Gains Tax 101"},"content":{"rendered":"\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/home-seller-capital-gains-tax.jpg\" alt=\"Image of a nice country house during a sunrise. Captioned: Home Sellers Capital Gains Tax 101\" class=\"wp-image-1322\" width=\"991\" height=\"366\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/home-seller-capital-gains-tax.jpg 991w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/home-seller-capital-gains-tax-300x111.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/home-seller-capital-gains-tax-768x284.jpg 768w\" sizes=\"auto, (max-width: 991px) 100vw, 991px\" \/><\/figure><\/div>\n\n\n\n<p>Many people sell their homes for more than they cost in the\nfirst place. If you are in this fortunate situation, and your home has appreciated\nin value, you could be required to pay capital gain taxes \u2014 not on the whole\nsale, but on the profit your home has earned for you over time. <\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em>\nHomes are investments, offering an important path to financial independence.\nRead more about the <a href=\"https:\/\/www.deeds.com\/articles\/buying-a-house-to-save-money-its-a-tried-and-true-method\/\">appreciation\nof a home\u2019s value<\/a> on Deeds.com. <\/em><\/strong><\/p>\n\n\n\n<p>Now, the good news for many homeowners. The IRS allows the\nseller to exclude a significant amount of a home sale profit from capital gains\ntax. (Whew!)<\/p>\n\n\n\n<p>This article offers general information on home sales and\ntaxes for the homeowner who is planning to sell. Note that your state may\nregard some or all of your capital gains as taxable income. In this article, we\nfocus on <em>federal <\/em>law and policy. &nbsp;<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Capital Gains Are Taxable. Yet for Many Home Sellers, This Is Not an Issue.<\/h2>\n\n\n\n<p>When you sell a capital asset \u2014 like stocks, bitcoin, or a\nhouse \u2014 there\u2019s tax on the profit. Depending on how long you held the asset\nbefore selling, the tax will be calculated on either short-term or long-term\ncapital gains.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Profits on assets owned no more than a year are\nshort-term capital gains, taxed as regular income.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Profits on assets owned for more than a year are\ndeemed long-term capital gains, subject to a tax rate scale.<\/li><\/ul>\n\n\n\n<p>Many people keep their houses long enough for long-term capital gains to apply, which can help at tax time. To learn more about how much tax applies to a seller, refer to the <a href=\"https:\/\/www.irs.gov\/taxtopics\/tc409\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">fact sheet on capital gains and losses<\/a> provided by the Internal Revenue Service.<\/p>\n\n\n\n<p>But if you\u2019re like many home\nsellers, the <em>capital gains exclusion<\/em> for sales of real property really\nsaves your day. It can mean you pay nothing to the federal government. Here\u2019s\nthe rule: If you don\u2019t do it more than once in a two-year period, you can sell your\nprimary residence while excluding up to $250,000 in profit from federal taxes. <\/p>\n\n\n\n<p>Each taxpayer, then, is spared\ncapital gains tax on the first $250,000 of realized appreciation in value over\nthe original purchase price. Couples filing jointly may double that exclusion\namount for their co-owned house. Again, this is only for a primary residence,\nmeaning the sellers will need to have owned the home for 24 months \u2014 two years\nof the past five (up to the closing date). &nbsp;<\/p>\n\n\n\n<p>There are some exceptions that ease\nthe residency rules. For example, homeowners transferring their home in a\ndivorce have different timelines. Certain government and military personnel can\nput off their residency for up to ten years while deployed. If a deployed\nperson lives at home for two out of the last 15 years, a profit on the home\nsale should qualify for the capital gains tax break. <\/p>\n\n\n\n<p>And if <a href=\"https:\/\/www.deeds.com\/articles\/guide-to-selling-an-inherited-home\/\">the\nseller inherited the house<\/a>, special tax rules apply.<\/p>\n\n\n\n<p>To see more about the rules and\nexceptions to the rules, consult <a href=\"https:\/\/www.irs.gov\/publications\/p523\" target=\"_blank\" rel=\"noreferrer noopener\">IRS Publication 523<\/a>.\n<\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> Investment\nproperties can become primary residences, at which point they can benefit from\nthe tax exclusion if sold. Here, it helps that the two-years-in-five residency\nrule means a total of two years \u2014 not necessarily two years in a row. But the\ngains accumulated while the home was in use as a rental property are subject to\nincome tax.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How Can the Seller Offset Profits and Reduce Taxable Gains?<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/how-can-the-seller-offset-profits-and-reduce-taxable-gains.jpg\" alt=\"Picture of a person's hand holding a set of house keys in front of the front door to a house. Captioned: How Can the Seller Offset Profits and Reduce Taxable Gains?\" class=\"wp-image-1323\" width=\"345\" height=\"259\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/how-can-the-seller-offset-profits-and-reduce-taxable-gains.jpg 460w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/03\/how-can-the-seller-offset-profits-and-reduce-taxable-gains-300x225.jpg 300w\" sizes=\"auto, (max-width: 345px) 100vw, 345px\" \/><\/figure><\/div>\n\n\n\n<p>When you close your sale, your real estate professional or closing agent gives you <a href=\"https:\/\/www.irs.gov\/pub\/irs-prior\/f1099s--2021.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">IRS Form 1099-S<\/a> for reporting proceeds from your real estate transfer. If you can exclude your profit from capital gains tax, advise your agent by Feb. 15 of the following year.<\/p>\n\n\n\n<p>If it seems you\u2019ve made a profit that puts you over the\nthreshold, you might still be able to claim the exclusion, for a number of\nreasons:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>You can augment the cost basis of your home (what\nyou paid for it) by adding in any fees and expenses involved when you bought it,\nincluding transfer taxes, title insurance, certain attorneys\u2019 fees, and home\nupgrades that were operational or useful for at least a year.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>You can also offset the capital gains made in\nyour home sale (or from the sale of your investment properties, which don\u2019t\nbenefit from the exclusion) with capital losses from other investments.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Major losses can be carried over to future tax\nyears to offset later expected profits. <\/li><\/ul>\n\n\n\n<p>For information on exactly how to adjust your tax basis, refer to\u00a0<a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-publication-551\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">IRS Publication 551<\/a>: Basis of Assets.<\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> If you give your home to another\nperson, that transfer is not in the category of taxable sales, but <a href=\"https:\/\/www.deeds.com\/articles\/gift-deeds-and-gifts-of-real-property\/\">gift\ntax may apply<\/a>. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What\u2019s the Tax Rate, When It Applies?<\/h2>\n\n\n\n<p>If your home sale brings a profit under $250,000 (or $500,000\nfor a couple filing jointly), you owe no capital gains tax. For profits over\nthat exclusion threshold, look at your income to determine the percentage of that\nexcess gain you must pay in taxes. <\/p>\n\n\n\n<p>The basic rate categories (for the 2021 tax year) are as\nfollows:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Single filers earning under $40,400 (or joint\nfiling couples with a combined income under $80,800) or heads of household who\nmake up to $54,100 owe no taxes on long-term capital gains.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Single filers who earn $40,401 to $445,850 (or\njoint filing couples with a combined income of $80,801 &#8211; $501,600), or a person\nfiling as a head of household earning $54,101 to $473,750 is taxed at 15% on\nlong-term capital gains.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>People with higher incomes pay 20% on long-term\ncapital gains.<\/li><\/ul>\n\n\n\n<p>Here again, consult your tax professional to know how best to meet your tax obligations, including <a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f8960.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">net investment taxes<\/a> for high-income filers. <\/p>\n\n\n\n<p><strong><em>Pro tip:<\/em><\/strong> Taxable income is reduced when the\nproperty owner sells through a <a href=\"https:\/\/www.deeds.com\/articles\/for-home-buyers-and-sellers-how-a-contract-for-deed-works\/\">contract\nfor deed<\/a>. Here, the purchaser buys in installments, so the entire gain\nis not immediately realized. File <a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-6252\" target=\"_blank\" rel=\"noreferrer noopener\">IRS&nbsp;Form\n6252<\/a>&nbsp;to report&nbsp;an installment sale every year in which the\nbuyer makes payments.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The 1031 Exchange Can Be Used to Defer Capital Gains Taxes<\/h2>\n\n\n\n<p>Rentals and other investment properties don\u2019t get the\ncapital gains exclusion. Deferring (rather than eliminating) capital gains tax\ncan be done, though. Section 1031 of the Internal Revenue Code outlines the\nrules of a <em>like-kind exchange.<\/em> <\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> &nbsp;<\/em><\/strong><strong><em>How is it done? See <a href=\"https:\/\/www.deeds.com\/articles\/for-property-investors-six-steps-to-a-1031-exchange\/\">For\nProperty Investors: Six Steps to a 1031 Exchange<\/a> on Deeds.com.<\/em><\/strong><\/p>\n\n\n\n<p>In what\u2019s commonly called a 1031 exchange, an owner (which\ncould be an incorporated business, partnership, LLC or trust, or simply a\nhomeowner) sells a business or investment property. The proceeds then go to purchase\nanother investment (\u201clike-kind\u201d) property. There are a number of rules and\ndeadlines to meet. Following the legal rules means having experts on your side\nto facilitate the exchange. The capital gains tax exclusion can apply to an\nexchanged property later, after you have held in five years and lived in it two\nof those five years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Proceed Wisely<\/h2>\n\n\n\n<p>Speak with your tax expert before selling a property. This\nway, you\u2019ll learn the most advantageous ways to offset your own capital gains.\nEach situation is unique, and your expert will check the up-to-date tax code to\nsee what sections will impact your options. In some cases, tax experts may\nadvise you to report gains as taxable, even when an exclusion applies. Your tax\npro can also let you know if some deductions for depreciation on gains will\ncount for the exclusion.<\/p>\n\n\n\n<p>Meanwhile, knowing how home sale taxes work can improve your\nreadiness when the time comes to sell your property.<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/unsplash.com\/photos\/Bkp3gLygyeA\" target=\"_blank\">Bailey Anselme<\/a> and <a href=\"https:\/\/unsplash.com\/photos\/jJnZg7vBfMs\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Maria Ziegler<\/a>, via Unsplash.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Many people sell their homes for more than they cost in the first place. If you are in this fortunate situation, and your home has appreciated in value, you could be required to pay capital gain taxes \u2014 not on the whole sale, but on the profit your home has earned for you over time. [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71,116],"tags":[],"class_list":["post-1321","post","type-post","status-publish","format-standard","hentry","category-general","category-taxes"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>For Home Sellers: Capital Gains Tax 101 - Deeds.com<\/title>\n<meta name=\"description\" content=\"General information on real estate capital gains taxes for the home seller. 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