When selling your house in Massachusetts, it is important to consider potential taxes on gains from the sale. The amount of tax payable on capital gains can vary depending on whether or not you are eligible for tax exemption or deferral. Here are a few key points to keep in mind:
Tax rates for capital gains on the sale of real estate range from 15 percent to 20% at the federal level.
Massachusetts also imposes a tax on capital gains, which can range from 5.2 percent to 12.2 percent.
Homeowners may be eligible for tax exemption or deferral if they meet certain criteria, such as owning and using the property as a primary residence for at least two of the past five years.
It’s important to consult with a tax professional or attorney to determine your specific tax obligations when selling your house in Massachusetts.
Selling a home can be a complex process, and navigating the tax implications can be overwhelming. By understanding the basics of tax on capital gains and seeking professional guidance as needed, homeowners can ensure a smoother and more financially secure home selling experience.
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