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Avoiding capital gains tax on your primary residence You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly. The exemption is only available once every two years.
Instead, it taxes all capital gains as ordinary income, using the same rates and brackets as the regular state income tax. Pennsylvania is one of the states with a flat income tax rate, so no matter the amount of taxable ordinary income, the state tax rate will always be 3.07%.
Use PA-40 Schedule B to report the amount of dividend in- come earned and reported for federal income tax purposes from: ? U.S. corporations; ? Foreign corporations; ? Mutual Funds; ? Other corporate capital investments.
= $ Single TaxpayerMarried Filing JointlyCapital Gain Tax Rate$0 ? $44,625$0 ? $89,2500%$44,626 ? $200,000$89,251 ? $250,00015%$200,001 ? $492,300$250,001 ? $553,85015%$492,301+$553,851+20%
There are two capital gain tax rates to be aware of, Federal and State. The Federal rate is based on your tax bracket and depending on your income can be either 15% or 20%. Pennsylvania has an additional 3.07% (2022).
Generally, homeowners who owned and used their homes as principal residences for at least two of the five years prior to the date of sale will qualify for exclusion of the gain from the sale of a personal residence from PA taxable income.
Capital Gains Exemptions: Not Every Real Estate Transaction is Subject to Taxes You can sell your primary residence exempt of capital gains taxes on the first $250,000 if you are single and $500,000 if married. This exemption is only allowable once every two years.
Arrange your documents in the following order when submitting your 2022 PA tax return: Original PA-40. Do not mail a photocopy of your PA-40 or a copy of your electronic PA tax return. Federal Forms, W-2, 1099-R, 1099-MISC, 1099-NEC.