How Is Capital Gains Tax Calculated?
1. 0% tax for income of annual income of less than $40,400
2. 15% tax for income between $40,400 and $445,850
3. 20% tax for income above $445,850
How Can You Save Money On Capital Gains Taxes?
- Have lived in the property for at least two years in the last five years.
- Haven’t claimed this exemption in the previous two years.
Renovations And Improvements
You may be able to offset some capital gains if you have invested in improving the property.