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The difference of what you paid for the stock and how much was earned for the sale is the amount of tax that you owe when selling a stock in Alexandria. In home sales, the same rules are applied, but with additional considerations.
How to calculate gain?
To calculate the gain, you need to do the following.
Your home’s original sales price when you bought it
(not what you brought to closing)
+
Additional costs you paid toward the original purchase
(include transfer fees, attorney fees, and inspections but not points you paid on your mortgage)
+
Cost of improvements you’ve made
(include room additions, deck, etc. Improvements do not include repairing or replacing existing items)
+
Current selling costs
(include inspections, attorney fees, real estate commission, and money you spent to fix up your home to prepare it for sale)
= Amount (Adjusted cost basis)
The final sale amount for your home - Adjust cost basis = Amount (Capital gain)
Capital Gains Exemption for Real Estate
Capital gains of up to $250,000 for single and $500,000 for married couples living in Alexandria. The home sale is exempted from the taxation provided that the following conditions are met.
1.) You have been a principal residence for two out of the last five years in the home that you owned and lived in.
2.) Two years preceding the sale, you must not have sold or exchanged another home. You may be qualified for reduced exclusion if you qualify but did not meet condition one if you meet meet the "unforeseen circumstances" tax law for cases such as job loss, divorce, or family medical emergency.
Properties in Alexandria
$1,026,075 - 510 Robinson Ct SOLD!
$845,000 - 5117 Mount Vernon Memorial Hwy SOLD!
$810,000 - 5823 Dewey Dr SOLD!
$395,000 - 124 Roberts Ln #300 SOLD!
$918,000 - 5818 Helmsdale Ln SOLD!
