How does capital gains tax work?

I am currently selling my home which was purchased in May 2017 at $315,000. I am hoping to sell it for $350,000. How much would I have to pay in capital gains taxes if it sells at that price and a realtor's fee of 6 percent would be considered? Alternatively, do I only have to pay capital gains taxes on the amount that I gained from the profits of the house?

Real Estate, Taxes
Answers
Sort By:
Most Helpful
3 weeks ago

If this was your primary residence for at least 2 of the past 5 years you're able to claim capital gains on your residence tax-free up to 250k and 500k if married. 

Best,

3 weeks ago
3 weeks ago
3 weeks ago