Most home sellers hope to profit from the sale of their home, but capital gains taxes can take a bite out of this windfall. Since the profits from home sales are capital gains, you will owe taxes on them starting in 2021 at federal rates of 0%, 15%, or 20%, depending on your income level. Fortunately, the IRS has an exception for homeowners, offering a write-off of up to $250,000 for single filers or $50000 for married couples filing jointly.…
