Capitol Gains From Primary

So we are looking at selling our house and are hoping to get in the neighborhood of $700,000.00 for it. The house was gifted to us from family in 2009 (signed title over in full.) Since then, we re-modeled and added on by taking out a $200,000.00 mortgage, of which $150,000.00 remains outstanding. How much capital gains might we be responsible for after selling, considering there was no purchase price? I’m just hoping it’s not crippling. We live in MD and have a gross annual of $105,000.00, if that makes a difference.

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So we are looking at selling our house and are hoping to get in the neighborhood of $700,000.00 for it. The house was gifted to us from family in 2009 (signed title over in full.) Since then, we re-modeled and added on by taking out a $200,000.00 mortgage, of which $150,000.00 remains outstanding. How much capital gains might we be responsible for after selling, considering there was no purchase price? I’m just hoping it’s not crippling. We live in MD and have a gross annual of $105,000.00, if that makes a difference. submitted by /u/Clutch-On-Tap [link] [comments]

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