• How the Timing of a Home Sale May Affect Your Tax Liability

    17 days ago - By RIS Media

    If you sell a house, some or all of your profits may be subject to federal and/or state capital gains taxes. The taxable amount will depend on several factors, including when you sell the house. Understanding how the rules work can help you minimize your tax liability.
    What Is Your Tax Basis?
    Your tax basis is the amount you paid to buy your house, plus money that you spent on improvements to prolong your home's life, increase its value or convert it to a different use. That figure will be used to calculate how much of a profit you earn on a sale and how much you owe in taxes. A higher...
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