Getting a great price for your home can feel like quite the win — but when it comes time to file taxes, you might feel differently.
That’s because you could owe capital gains taxes. This is a separate tax for profits made off certain investments. Depending on how long you owned the home and various other factors, these taxes can reach up to 20% of the profit from your sale, adding a hefty amount to your annual tax bill.
Fortunately, there are ways to reduce your capital gains taxes or even avoid them altogether. Are you planning to sell a home soon? Here’s what you can expect for capital gains taxes — and how to plan ahead.
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