Capital Gains on Home Sale
Capital gains on home sale refer to the profit you make when you sell your primary residence or a second home for more than you paid for it. For instance, if you purchased a house for $200,000 and sold it for $250,000, your capital gain would be $50,000.
Understanding capital gains on home sales is crucial because it can have significant financial implications. In many countries, homeowners are eligible for various tax exemptions and deductions that can reduce their tax liability. Moreover, the history of capital gains taxation has undergone significant changes over time, shaping its current landscape.
