Rising home values have transformed average homeowners into unintended millionaires, with many now facing capital gains taxes on their profits when selling. The capital gains tax applies to profit made from asset sales, including real estate, but homeowners can exclude significant amounts from taxation—up to $250,000 for single filers and $500,000 for married filers if certain criteria are met. With nearly 8% of home sales last year exceeding $500,000 in profit, it's essential for sellers to understand these tax rules to maximize their gains upon selling their homes.
Homeowners can protect substantial profits from capital gains taxes when selling their primary homes, allowing many to enjoy their newfound wealth without a heavy tax burden.
Nearly 8% of all U.S. home sales last year netted more than $500,000 in profit—a sixfold jump from two decades ago, impacting everyday homeowners.
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