- Joined
- Mar 4, 2020
- Messages
- 2,503
- Reaction Points
- 5,607
- Location
- Blanco, TX
- Current Ride
- 2020 F250 Tremor 7.3L Lariat w/ Ultimate & Sport
My wife and I have sold our home we built in 2016. We built for $770K, and are set to close on 9/1 for a sales price of $1.55 million. So we have a net profit of $780,000 in just 5 years.
Of that $780,000, I understand we can exclude $500,000 as a married couple. That leaves $280,000. We are under contract for 7 acres in AR for $142,500, hoping we can use that to offset some of the capital gains tax.
Anyone familiar with how this works?
Of that $780,000, I understand we can exclude $500,000 as a married couple. That leaves $280,000. We are under contract for 7 acres in AR for $142,500, hoping we can use that to offset some of the capital gains tax.
Anyone familiar with how this works?