STARTING AT HOME
One opportunity the average person has to make a long-term investment and reap capital gains is by purchasing a home. Profits from the sale of a home are a specific form of capital gains that are exempt from tax up to a certain amount: $250,000 for individuals and $500,000 for married couples filing jointly. There are lots of rules, however. For instance, to avoid taxes, you have to own the home and live in it for two of the five years leading up to the sale.
Legal Guidance Now is for general educational purposes only and is not intended to provide legal advice on any subject matter whatsoever. Your use of the content provided by this website is at your own risk. Due to frequent changes in the law, some information on this website may not reflect the current state of the law. We are not responsible for any errors or omissions in the content of this website or for damages that arise from your use of the content under any circumstances.
No reader of Legal Guidance Now should act on the basis of any content included in this website without seeking appropriate legal advice (in consideration of the particular facts and circumstances at issue) from an attorney who is licensed to practice law in the reader’s state.
