Do you pay capital gains tax on primary residence?

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Hogan 0 Comments

I have one home which is my primary residence. I actually just bought so I am trying to understand what is the tax implication of this purchase and how I can calculate the tax that I will be paying.

1 Answer

score 0 · Answer 1 · 2012-12-02T20:42:30+00:00

Yes and no! The short answer is yes. Capital gains from your primary residence is exempt and can actually be 100% exempt. The long answer is that there is a maximum gain which can be exempt. The maximum is either $250k if you are single or $500k if you are married.