Gloucester, MA · Member since 2017 · 1 post · 0 votes
Hi, folks. Re: capital gains taxes. My understanding is that if an owner occupies a condo for 2 yrs out of the 5 yrs preceding the date of sale, then he qualifies for capital gains exemption of up to $200,000 (or $250,000). Otherwise the tax is 25% (state 5%+fed 20%). Is this correct? Many thanks for any help on this. Best, Dave
Accountant · Fort Lauderdale, FL · Member since 2013 · 1k+ posts · 753 votes
9y
There is a home sale exclusion where several requirements must be met, with one of them being the 2 out of 5 years requirement. The capital gains rate depend on your ordinary income tax rate