This boomer couple would be hit with $700,000 tax bill if they sold their mansion
pneumaticFax @ pneumaticFax @lemmy.world Posts 1Comments 8Joined 2 yr. ago
pneumaticFax @ pneumaticFax @lemmy.world
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And any capital improvements will lower that ‘profit’ too. So anything from a new water heater to a new roof can be used to raise the cost basis of the home lowering the tax paid.