What is capital gains tax exemption?
An example of an AI chatbot conversation about capital gains tax exemption.
What is capital gains tax exemption?
Capital gains tax exemption refers to the exclusion of certain capital gains from taxation, often applied to primary residences.
Who qualifies for this exemption?
Typically, homeowners who have lived in their property for at least two of the last five years may qualify for the exemption.
Are there any limits on the amount I can exclude?
Yes, individuals can exclude up to $250,000 of capital gains, while married couples filing jointly can exclude up to $500,000.
What if I sell an investment property?
Selling an investment property usually does not qualify for the exemption, and you may owe capital gains tax on the profit.
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