How does the capital gains tax on a home sale work right now?

Selling a home can trigger federal capital gains tax on the profit above what you paid, adjusted for qualifying improvements and selling costs, though many owner-occupants qualify to exclude a meaningful portion of that gain once their ownership and residency clear the required period. Investment properties and homes that were not your primary residence for enough of the required period generally do not get that exclusion. Georgia does not layer a separate state-level capital gains tax structure specific to real estate on top of the federal rules. A CPA can calculate your specific exposure before you list.