A capital gain occurs when you sell an asset for a price higher than its basis. If you hold an investment for more than a year before selling, your profit is considered a long-term gain and is taxed at a lower rate. Investments held for less than a year are taxed at the higher, short-term capital gain rate.
Head of Household
Married filing jointly
Married filing separately
Up to $40,400
Up to $54, 100
Up to $80, 800
Up to $40,400
$40,401 to $445,850
$54,101 to $473,750
$80,801 to $501,600
$40,401 to $250,800
You're only liable to pay CGT on any property that isn't your primary place of residence - i.e. your main home where you have lived for at least 2 years.
Beginning Jan. 1, 2020 through June 30, 2023, 1.28% of the state tax collected by counties is retained to cover administration costs.
Of the net proceeds to the state:
Relative to the amount of time and money involved, staging may be one of the most lucrative projects you ever undertake. Potential buyers aren't just looking for a structure to inhabit, they're also looking for a way to fulfill their dreams and improve their lifestyles. Staging can create a more emotional purchase for the buyer, which ultimately can generate more money for the seller. Buyers don't want to see work that needs to be done upon moving into the home. For every problem they see, they’ll deduct its cost from their offering price. If they see too many problems, they may pass on buying the home completely.
Knowing how to price your home is one of the most important parts of the selling process. When you set a fair price in the beginning, you’ll get the most interest from other real estate agents and prospective buyers. Overpricing your home could lead to reduced interest, and underpricing leads to receiving less than what your home is worth. Working with a real estate agent is the best way to determine the right selling price for your home. An agent with experience can determine what other comparable homes are selling for, evaluate the current market, and may even suggest a home appraisal.
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Whether you're a first-time homebuyer or a seasoned real estate investor, DeAnna's expertise and dedication to your success will exceed your expectations.