Calculators

Tax Estimator

Please select your county: 001 - Collin County None Please select your city: 096 -  006 - ALLEN CITY 007 - ANNA CITY 008 - BLUE RIDGE CITY 009 - CELINA CITY 090 - DALLAS CITY 020 - FAIRVIEW TOWN 011 - FARMERSVILLE CITY 012 - FRISCO CITY 017 - JOSEPHINE CITY 018 - LAVON CITY 041 - LOWRY CROSSING 013 - LUCAS CITY 014 - MCKINNEY CITY 016 - MELISSA CITY 021 - MURPHY CITY 061 - NEVADA CITY 010 - NEW HOPE CITY 022 - PARKER CITY 023 - PLANO CITY 024 - PRINCETON CITY 005 - PROSPER CITY 092 - RICHARDSON CITY 029 - SACHSE CITY 026 - ST PAUL TOWN 015 - WESTMINSTER CITY 087 - WESTON CITY 027 - WYLIE CITY None Please select your school:   091 -  039 - ALLEN ISD 043 - ANNA ISD 047 - BLUE RIDGE ISD 051 - CELINA ISD 031 - COMMUNITY ISD 055 - FARMERSVILLE ISD 089 - FRISCO ISD 065 - LOVEJOY ISD 069 - MCKINNEY ISD 035 - MELISSA ISD 073 - PLANO ISD 077 - PRINCETON ISD 081 - PROSPER ISD 085 - WYLIE ISD None Please select your special unit 1:   None             060 - COLLIN  COLLEGE 094 - COLLIN CO WCID#3 None Please select your special unit 2:                        060 - COLLIN  COLLEGE 094 - COLLIN CO WCID#3 None Enter the value of your property: Please choose your exemption:   None   Homestead   Homestead + Over 65   Homestead + Surviving Spouse   Homestead + Disabled Person   Homestead + Disabled Vet (10%-29%)   Homestead + Disabled Vet (30%-49%)   Homestead + Disabled Vet (50%-69%)   Homestead + Disabled Vet (70%-100%)   Homestead + Over 65 + Disabled Vet (10%-29%)   Homestead + Over 65 + Disabled Vet (30%-49%)   Homestead + Over 65 + Disabled Vet (50%-69%)   Homestead + Over 65 + Disabled Vet (70%-100%)   Disabled Person + Disabled Vet (10%-29%)   Disabled Person + Disabled Vet (30%-49%)   Disabled Person + Disabled Vet (50%-69%)   Disabled Person + Disabled Vet (70%-100%)   Disabled Vet (10%-29%)   Disabled Vet (30%-49%)   Disabled Vet (50%-69%)   Disabled Vet (70%-100%)   Disabled Person + Disabled Vet (10%-29%) + Homestead   Disabled Person + Disabled Vet (30%-549%) + Homestead   Disabled Person + Disabled Vet (50%-69%) + Homestead   Disabled Person + Disabled Vet (70%-100%) + Homestead   Over 65   Disabled Person   Enter your Over 65 freeze year: Enter your Over 65 freeze amount:

RENT VS OWN CALCULATOR

Please change the suggested values with your own amounts in the blue text boxes.

 

Capital Gains Taxes on Property

If you own a home, you may be wondering how the government taxes profits from home sales. As with other assets such as stocks, capital gains on a home are equal to the difference between the sale price and the seller's basis.

Your basis in your home is what you paid for it, plus closing costs and non-decorative investments you made in the property, like a new roof. You can also add sales expenses like real estate agent fees to your basis. Subtract that from the sale price and you get the capital gains. When you sell your primary residence, $250,000 of capital gains (or $500,000 for a couple) are exempted from capital gains taxation. This is generally true only if you have owned and used your home as your main residence for at least two out of the five years prior to the sale.

If you inherit a home, you don't get the $250,000 exemption unless you've owned the house for at least two years as your primary residence. But you can still get a break if you don't meet that criteria. When you inherit a home you get a "step up in basis."

Say your mother's basis in the family home was $200,000. Today the market value of the home is $300,000. If your mom passes on the home to you, you'll automatically get a stepped-up basis equal to the market value of $300,000. If you sell the home for that amount then you don't have to pay capital gains taxes. If you later sell the home for $350,000 you only pay capital gains taxes on the $50,000 difference between the sale price and your stepped-up basis. If you’ve owned it for more than two years and used it as your primary residence, you wouldn’t pay any capital gains taxes.

Nice, right? Stepped-up basis is somewhat controversial and might not be around forever. As always, the more valuable your family's estate, the more it pays to consult a professional tax adviser who can work with you on minimizing taxes if that's your goal.