| Selling Your Home? |
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Sale of Residential Property (Non-Rental)
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Non-Primary Residence
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| Held
1 Year or More |
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Held Less Than 1 Year |
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| 15%
Federal Tax on the Gain |
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Federal Tax - Your Tax Bracket |
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(5% For Lower Tax Bracket) |
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State Tax - Your Tax Bracket |
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| 5-9%
State Tax - Depends Upon |
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State Capital Gains Rate |
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| Primary
Residence |
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| Held
Less Than 1 Year |
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| Federal
Tax - Your Tax Bracket |
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| State
Tax - Your Tax Bracket |
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| Held
Less Than 2 Years, But More Than 1 Year |
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| Federal
15% (5% for Lower Tax Bracket) |
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| State
Tax - 5-9%, Depending upon State Capital Gains Rate |
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| Held
More than 2 Years* |
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| No
Tax On: |
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$500,000 Gain (Married) |
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$250,000 (Single) |
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| *PLEASE
NOTE THAT THIS EXEMPTION IS ONLY AVAILABLE ONCE EVERY 2 YEARS |
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(Certain exceptions are
available when the 2 year test is not met) |
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