If one sells their primary residence of 40 years for $600,000 is there a capital gains tax?

ANSWER

The BIDaWIZ Team's Answer:

Possibly; the capital amount equals the difference between the

$600K sales price, and the taxpayer's basis in the home; net, of

all closing costs that were paid. The capital gain tax exclusion amount is

$250K, if single, and $500K, if married filing jointly; any excess capital

gain is subject to a capital gains tax; at the rate of 15%.