How does selling a home in Keller affect capital gains taxes?

Answer: If your Keller home has gained value, you may face capital gains taxes. However, IRS exemptions often reduce or eliminate this tax for primary residences. Glenn Wegner explains what to know.

What Are Capital Gains Taxes?

Capital gains tax applies to the profit you make when selling an asset like a home. It is the difference between your purchase price (plus improvements) and your selling price.

IRS Exemption Rules

Homeowners may exclude up to $250,000 in gains if single or $500,000 if married, provided they lived in the home for two of the last five years.

Example in Keller

If you purchased a Keller home in 2015 for $350,000 and sell in 2025 for $595,000, your gain is $245,000. If you are single, this may fall fully under the IRS exclusion. If married, you have even more room.

When Taxes Apply

- If your gains exceed the exemption amount.
- If the home was not your primary residence.
- If you claimed significant depreciation (for rental properties).

Glenn Wegner’s Role

Glenn does not provide tax advice but ensures clients know their estimated proceeds and refers them to trusted CPAs. He provides accurate market valuations to calculate potential gains.

Compliance and Disclaimers

Always consult a licensed tax professional or CPA before making decisions. Glenn ensures that all information he provides is factual and compliant with federal and state advertising rules.

Final Thoughts

Capital gains taxes can be confusing, but with the right guidance, Keller homeowners often find they qualify for exemptions. Glenn Wegner helps you understand your potential liability and plan accordingly.