What are the tax implications of selling my house?
An example of an AI chatbot conversation about tax implications when selling property.
What are the tax implications of selling my house?
When you sell your house, you may be subject to capital gains tax on the profit. If it's your primary residence, you might qualify for an exclusion.
What is the capital gains tax rate?
The capital gains tax rate can vary based on your income and how long you've owned the property. Generally, it's 0%, 15%, or 20%.
Are there any deductions I can claim?
Yes, you can deduct certain expenses like real estate commissions, repairs, and improvements made to the property.
What if I reinvest the money into another property?
If you reinvest in another property, you may be able to defer capital gains tax through a 1031 exchange.
How do I report the sale on my tax return?
You report the sale on Schedule D and Form 8949 of your tax return, detailing the sale price and your basis in the property.
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