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?
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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