tomseeley
Member
Cash: $ 3.10
Posts: 13
Joined: 01 Dec 2007
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| Are cap gains on selling a home taxable? |
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It's been more than 10 years since my wife and I sold our home, so I forget how income taxes on proceeds of sales work.
We've lived in our current home for more than 10 years. It is our primary residence. In fact, it's our only residence. We are contemplating selling it in 2010.
I'm 65 at the moment and my wife will be 65 next summer.
Assuming we'd incur capital gains on the difference between the adjusted sales price and what we paid for the house in 1999, would those cap gains be taxable for federal income purposes when we file our 2010 Form 1040?
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