North Metro Atlanta · Situation
Do I pay capital gains tax when I downsize on Sandy Springs?
Selling a primary residence in Sandy Springs to downsize can trigger federal capital gains tax, but longtime owner-occupants often qualify for an exclusion on gain from the sale of a primary home under federal tax law. Whether that exclusion covers all, part or none of the gain depends on ownership history, prior use of the exclusion and the actual profit on the sale. Confirm the specifics with a CPA or tax attorney before assuming an outcome, since Joel Boss can price the sale but cannot give tax advice.
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