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Selling Your Orange County CA Home for a Profit - What's That Mean to Your Taxes?
Monday, October 26th, 2009 at 10:11pm. 429 Views, 0 Comments.
So, you are selling your Orange County CA house and walking away with a boat load of cash. What are the Real Estate tax implications you need to be aware of? When you sell your home, you can realize up to $250,000 in profit if you're a single owner, $500,000 if you're married or joint tenants, and not owe any capital gains tax. Anything above that amount, consult your tax professional for more detailed information on your tax liability – as it depends on the length of time you’ve owned the home and your tax bracket. But wait – there’s more! There's no limit to the number of times you can use the home-sale capital gains tax exemption. If you plan and play the game according to IRS rules, you can make tax-free profits of $250,000 (or $500,000 depending on…
