Sounds good... sell the house... cash in and have an adventure. You're not too old, man. You're in your prime.No, I looked it up, the first $250,000 of income from the sale of a residence does not have to be reported as taxable income. If I was married it would be the first $500,000.He's made the distinction. He owns his home. Will he pay capitol gains tax on it or not?LOL.We're talking about capitol gain taxes from the sale of real estate. You said you don't pay taxes on that and to ask you why. I did, and your only answer is... states may have taxes, but we're talking about federal?States may have taxes, but we are talking about federal.Is it the same in every state?
Do you pay taxes on the sale of real estate or not, state or federal, you sounded like you knew.
Not in my state. Sorry but I am not a tax accountant. There are 50;states you know?
There is a distinction between real estate you call home and real estate you own and rent to others.