Hi. Would I have to pay a capital gains tax on the sale of a 1st property?
Would I have to pay a capital gains tax on the sale of a 1st property?Am I to assume you mean a principal residence? If so, have you lived in it for an aggregate of at least two out of the last 5 years before the sale? Then you probably qualify for the exemption. If it is just real property, not a principal residence, it is subject to capital gains tax. If it is rental property, there are other rules as well. More information is needed to give you a clear answer.
<<Would I have to pay a capital gains tax on the sale of a 1st property?>>As Roo Cat points out, if you are talking about your primary residence (where you live), the answer could quite possibly be "no". But there are various requiredments and restrictions. You can read more about them in the Taxes FAQ area in my series of articles on the exclusion of gain on the sale of a principal residence.As Roo also pointed out, if you're talking about a rental property or other investment property, the answer is most likely "yes". TMF TaxesRoy
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