Real Estate Exam Question of the Day
Maryann Torres is selling her home for $395,000. She originally purchased the home 7 years ago for $225,000. The home has been her primary residence the entire time she owned it. What is the amount of capital gains tax Maryanne will pay on her profit?
A. $17,000
B. $34,000
C. $10,000
D. $0
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The answer is D.
Capital gains of up to $250k for single persons & $500k for married spouses on the sale of a home used as a primary residence for at least 2 of the last 5 years is not taxable.
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