Dr. Friday 0:00
Good day. I’m Dr. Friday, president of Dr. Friday Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one minute moment.
Capital gains. So let’s say you sold your primary home last year, did you think you have to pay capital gains? I gotta give you some good news. No, most likely you do not. If you sold the home for $250,000 as a single person or $500,000 as a married couple, and more than what you paid for it. So let’s use an example you paid $200,000 and you sold it for $700,000 you’d have a zero capital gains on a married couple. So just keep in mind that you don’t usually unless you used it as a rental, some sort of home office and you depreciate it you would have to capture that depreciation.
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