What are capital gains tax implications when downsizing home? Owned for 26 years

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    Paulette

      Looking at selling our primary home in the next few years and downsizing to a condo. What do I need to know about paying capital gains tax? We’ve owned it and lived here 26 years. We will buy a condo for much less than the home value we are selling.

      #91301 Reply
      Franci

        I’m a realtor. Be very careful w condos right now. Many do not have sufficient funds for repairs and improvements due to inflation.

        I’m seeing more special assessments to cover these items.

        #91302 Reply
        Natalie

          Why not a townhouse? You will always pay condo association fees even after it’s paid off.

          #91303 Reply
          Ronda

            Married filing joint you get $500k capital gains tax free. Filing single you get $250k.

            Anything over that you are charged for the capital gains over the purchase price. You can deduct home improvement costs from the gain. Check with your CPA. Before and after pics are proof of those improvements if you have no receipts.

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