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Will You Have to Pay Capital Gains Taxes on the Sale of Your Home?

same10 Wrote: Feb 21, 2013 10:14 AM
Isn't there a new federal "sales tax" from bo that adds 3 &1/2 % to the sale of your house?
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Dear Carrie,

Two and a half years ago, my husband and I moved from a home we had owned and lived in for 10 years. At that time, we bought a new house and have been renting out the old one. Will we have to pay capital gains if we sell the old house? --A Reader

 

Dear Reader, Great question -- and good you're asking it now. That's because, while there are generous exclusions allowed when it comes to capital gains on the sale of a home, timing is crucial, and the clock is...

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