You can sell your primary residence and be exempt from capital gains taxes on the first $250,000 if you're single and $500,000 if married filing jointly.
In addition to the $250,000 (or $500,000 for a couple) exemption, you can also subtract your full cost basis in the property from the sales price. Your cost basis is calculated by starting with the price you paid for the home, and then adding purchase expenses, such as closing costs, title insurance, and any settlement fees.
Also, most (if not all) states do not tax your primary residence unless you go past the federal exemptions.
That's good info, but unfortunately none of it applies to me because I moved out of California eight years ago and the property is not my primary residence.
I work for an org that makes research software for chemistry and other branches of science and it's definitely hit us in sales. No one wants to spend money if they don't know if they're going to get or keep the grants they petitioned for.
Oh I’m sure we could commiserate about that. I think we work in vaguely the same area.
Unfortunately, getting money from industry isn’t much easier in my opinion.
We have some software projects we want to spin out into a small business or non-profit (because federal funding…), but industry is absolutely cold right now. Had a few very promising partners lined up, but it all evaporated last spring. Between tariffs, AI spending, and now oil, everyone is reluctant to spend.
He said many times that he keeps his blog with at least 6 months of articles in the backlog. So even if he goes we won't know until months or maybe a year later.
That's really cool! If I'm up near Calgary in the future I'm definitely checking that out. I miss the penguin march they would do here, but I understand why they stopped
In addition to the $250,000 (or $500,000 for a couple) exemption, you can also subtract your full cost basis in the property from the sales price. Your cost basis is calculated by starting with the price you paid for the home, and then adding purchase expenses, such as closing costs, title insurance, and any settlement fees.
Also, most (if not all) states do not tax your primary residence unless you go past the federal exemptions.
https://www.investopedia.com/ask/answers/06/capitalgainhomes...