Made a profit selling your home? Here’s how to avoid a tax bomb this filing season

by | Feb 23, 2022 | 0 comments

Share this article!

If you recently made a profit selling your home, it may come with a costly surprise this filing season: capital gains taxes on your windfall.

In 2021, the average U.S. home seller scored a profit of $94,092, up 71% from $55,000 two years ago, according to ATTOM, a nationwide property database.

While many sellers’ profits fall under the capital gains thresholdsfor primary homes, others may get hit with an unexpected bill, particularly long-time property owners, experts say.
 

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *