I am single and have owned and lived in my home for the last 10 years. I purchased it for $180,000 and am now about to sell it for $390,000. I made capital improvements of $50,000. What are the tax implications for me?

ANSWER

-or-

Michael Lim, CPA

California

16 yrs experience

Currently 4.7500/5 Stars.
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I am single and have owned and lived in my home for the last 10 years. I purchased it for $180,000 and am now about to sell it for $390,000. I made capital improvements of $50,000. What are the tax implications for me?

Michael Lim, CPA

Accounting

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Personal Tax

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