More Americans are paying capital gains taxes on home sale profits amid soaring property values — but there are ways to reduce your bill, experts say.
In 2023, nearly 8% of U.S. home sales yielded profits exceeding $500,000, compared to about 3% in 2019, according to an April report from real estate data firm CoreLogic.
It's key for a special tax break for homeowners who make a profit when selling a primary residence.
Married couples filing together can make up to $500,000 on the sale without owing capital gains taxes.
"With the recent rise in home values, more sellers have been facing a capital gains tax hit," Quinones said.
Persons:
Jaime Quinones, " Quinones
Organizations:
Finance, Stockade Wealth Management
Locations:
U.S, Marlboro , New Jersey