Your home sale could trigger capital gains taxes — here's how to calculate your bill

More home sellers now owe capital gains taxes after selling their primary residence, but it's possible to reduce the bill.

"You also get credit for the expenses for the sale of the property," added Scanlon, who is also a certified public accountant. That includes your "The best way to minimize the tax owed from selling a house is to maintain an accurate record of home improvements," said CFP and enrolled agent Paul Fenner, founder and president of Tamma Capital in Commerce Township, Michigan.

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