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Susan and john sold the home they had lived in for 18 months. they had previously sold another house in new york where they had lived for 15 years. they decided to move into an apartment and sell the house because the view is better. they are filing jointly as a married couple and they sell the property for $500,000. will they owe any capital gain on the property?

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MissPhiladelphia

Yes, the couple will owe the government capital gain tax due to the selling of property since this tax is imposed on the earnings received from a realized selling of property. It can be an also be an exchange or disposition of assets which can include conditional sale in other countries.

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