As a long time Orange County Realtor one common question I get from people after I help them sell their homes is “do I have to pay capital gains?” and the answer is yes. However, it depends on the type of home or property you sold.
If you owned an investment property in Orange County you can count on paying capital gains after selling your home but the amount of capital gains that you will pay all depends on how much equity you had in your home.
You can count on paying capital gains after the sale of your home in Orange County if you sold it two years or less after you purchased it but if you lived in your home for two years or longer we have good news for you:
Singles are allowed up to $250,000 tax free equity in California.
Married couples are allowed up to $500,000 tax free equity in California.
Although this may not help you if you sold a home that was over $500,000 in value at least you can count on paying less than the amount of capital gains you were anticipating paying before.
For more information on capital gains after selling your Orange County home feel free to contact us anytime at (949) 272-0125.
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