Here’s how to lower your tax bill after selling a profitable home
Despite the cooling market, many homeowners made money selling their property in 2022 — and part of that windfall may be taxable.Home sellers made a $112,000 profit on the typical sale in 2022, a 21% increase from 2021, and a 78% jump from two years ago, according to ATTOM, a nationwide property database. While most sellers fall under the thresholds for capital gains taxes, high-dollar home sales or long-term ownership can trigger an unexpected bill, experts say.More from Smart Tax Planning:Here's a look at more…