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Personal Finance and Investing

silverweb

(16,402 posts)

4. Excellent. One more question, if I may...

Reply to kelly1mm (Reply #3)

Sat Jan 16, 2016, 12:56 AM

Jan 2016

Last edited Sat Jan 16, 2016, 01:40 AM - Edit history (1)

[font color="navy" face="Verdana"]When you say 250k-500k capital gains assets, you mean the selling value of the home, not the amount of capital gain, right?

So if his home is worth $800k, he gets the exemption on up to 500k of the value of the home, not 500k in capital gain?

On edit: Sorry if I sound stupid, but on these matters I'm completely naive, since I've never been a homeowner or had capital gains of any kind.

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I have a question about capital gains. [View all] silverweb Jan 2016 OP

The homeowner capital gain exception is limited to $250k ($500k MFJ) kelly1mm Jan 2016 #1

Thank you. silverweb Jan 2016 #2

MFJ = Married Filing Jointly. 'Buying off' = giving money to some person/group to make them kelly1mm Jan 2016 #3

Excellent. One more question, if I may... silverweb Jan 2016 #4

No, I mean the gain in value realized at sale. Without getting super technical, in the personal kelly1mm Jan 2016 #5

Thank you again! silverweb Jan 2016 #6

Glad to help! Have a good night! kelly1mm Jan 2016 #7

You, too! silverweb Jan 2016 #8

Because that part of the tax law was written to benefit people who were going to Hoppy Jan 2016 #9

Indeed! silverweb Jan 2016 #10

Not just for downsizers. Also so people making a lateral move don't end up with a big tax bill progree Jan 2016 #11

Could he do PasadenaTrudy Feb 2016 #12

He's retiring and doesn't want to. silverweb Feb 2016 #13

I see PasadenaTrudy Feb 2016 #14