Sahil is expected to pay $60,000 in tax after selling his house from the long-term gain.
The gain resulting from the sale of an eligible investment that was held for more than a year at the time of sale is referred to as a long-term capital gain. In contrast, investments that are sold off in less than a year may see short-term gains. Short-term gains frequently receive less favorable tax treatment than long-term gains.
The long term gain of the home is given as 300000 dollars for the period of 5 years.
300000 / 5 is the amount that can be excluded from the income. This is 60000 dollars.
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