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$549,900 Mortgage Calculator
10 LANTERN BROOK DR
Lincoln, RI / 02865
MLS# 1066113
Type: Single Family
Neighborhood: LIMEROCK
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 3,311 sq. ft.
Lot Size: 40,511 sq. ft.
Listed by: Susan Kelly Fenix Real Estate
Office: 401-475-4999
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$128,977 Mortgage Calculator
24 THURBER ST
Pawtucket, RI / 02861
MLS# 1071402
Type: Single Family
Neighborhood: PINECREST DARLINGTON
Beds: 2 Beds
Baths: 1 Full / 0 Half
Living Area: 1,020 sq. ft.
Lot Size: 5,000 sq. ft.
Listed by: Neil ZARTARIAN GREATER R.I. PROPERTIES, LLC
Office: 401-295-4050
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$1,099,000 Mortgage Calculator
27 NORTH NIANTIC DR
Charlestown, RI / 02813
MLS# 1060994
Type: Single Family
Neighborhood: SOUTH SHORES
Beds: 4 Beds
Baths: 3 Full / 1 Half
Living Area: 3,722 sq. ft.
Lot Size: 87,120 sq. ft.
Listed by: Cindy Curtis Cindy Curtis Real Estate
Office: 401-364-7489
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$224,900 Mortgage Calculator
31 SPRUCE RD
South Kingstown, RI / 02879
MLS# 1075685
Type: Single Family
Neighborhood: OCEAN RIDGE
Beds: 2 Beds
Baths: 1 Full / 0 Half
Living Area: 736 sq. ft.
Lot Size: 6,970 sq. ft.
Listed by: Gayle Moone Real Estate Masters, Inc.
Office: 401-738-1130
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$350,000 Mortgage Calculator
0 TOWER HILL RD
Cumberland, RI / 02864
MLS# 1008191
Type: Vacant Land
Neighborhood: TOWER HILL
Lot Frontage: 1,742 ft.
Lot Size: 2,265,120 sq. ft.
Lot Type: Residential, Agriculture
Listed by: Debra Jobin RE/MAX River's Edge - Bristol
Office: 401-254-1776
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$244,900 Mortgage Calculator
39 HENRY ST
Cranston, RI / 02905
MLS# 1072182
Type: Single Family
Neighborhood: EDGEWOOD
Beds: 5 Beds
Baths: 4 Full / 0 Half
Living Area: 3,537 sq. ft.
Lot Size: 6,047 sq. ft.
Listed by: Jo-Ann Molinaro RE/MAX Professionals
Office: 401-884-6050
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$267,000 Mortgage Calculator
25 PRIMROSE LANE
Johnston, RI / 02919
MLS# 1070979
Type: Single Family
Neighborhood: JOHNSTON
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 1,877 sq. ft.
Lot Size: 20,000 sq. ft.
Listed by: Mary Iacono COLDWELL BANKER RESIDENTIAL BR
Office: 401-884-8050
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$799,995 Mortgage Calculator
636 PENDLETON HILL RD
No Stonington, CT / 06359
MLS# 1069346
Type: Single Family
Neighborhood: RURAL
Beds: 4 Beds
Baths: 2 Full / 1 Half
Living Area: 3,077 sq. ft.
Lot Size: 562,360 sq. ft.
Listed by: Liz Viering Stonington Real Estate Company
Office: 860-535-4047
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$369,900 Mortgage Calculator
98 OVERHILL RD
Warwick, RI / 02818
MLS# 1064945
Type: Single Family
Neighborhood: COWESETT/SPENCER AVE
Beds: 3 Beds
Baths: 1 Full / 1 Half
Living Area: 1,620 sq. ft.
Lot Size: 8,500 sq. ft.
Listed by: Allen Gammons PRUDENTIAL GAMMONS REALTY
Office: 401-886-6100
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$2,695,000 Mortgage Calculator
318 RUMSTICK RD
Barrington, RI / 02806
MLS# 1060625
Type: Single Family
Neighborhood: RUMSTICK POINT
Beds: 3 Beds
Baths: 2 Full / 1 Half
Living Area: 2,740 sq. ft.
Lot Size: 309,157 sq. ft.
Listed by: Christina Ardente Residential Properties, Ltd.
Office: 401-245-9600
 
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Understanding Capital Gains

When you sell a stock, you owe taxes on your gain — the difference between what you paid for the stock and what you sold it for. The same holds true when selling a home (or a second home), but there are some special considerations.

How to Calculate Gain

In real estate, capital gains are based not on what you paid for the home, but on its adjusted cost basis. To calculate, follow these steps:

1. Purchase price: _______________________

The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.

2. Total adjustments: _______________________

To calculate this, add the following:

  • Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
  • Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
  • Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.


3. Your home’s adjusted cost basis: _______________________

The total of your purchase price and adjustments is the adjusted cost basis of your home.

4. Your capital gain:  _______________________

Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.

A Special Real Estate Exemption for Capital Gains

Since 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:

  • You have lived in the home as your principal residence for two out of the last five years.
  • You have not sold or exchanged another home during the two years preceding the sale.
  • You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.

Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.

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