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If/when a person sells his primary residence, How much does .gov grab?

Built the house 24 years ago, Would this be a question regarding capital gains or what?

Thanks.

None up to 500k gain for a married couple.

You mention gains,

I built the house, and there was no actual purchase price,

How would the gain or profit be established?

The cost basis would include your property purchase price (up to the homestead area if your state considers that) and the cost of materials/labor in building your house (receipts if you have them will help) along with any improvements. Anything above the cost basis you can prove would be the capital gains.

You may have had an appraisal done at the time you did a mortgage, which would also be a credible way to establish value at completion.

I'm in the same situation. I built my own home 6 years ago. I didn't keep the best track of receipts but knew what it cost me when I was done. I didn't expect it to appreciate over $500k so quickly but it did.

I thought about getting a mortgage a few years ago when 15 years were at 2.1%. Based on what the bank said they could loan me on a desktop appraisal my home had appreciated almost $700k. I still need to add my landscaping and a bunch of flatware to my basis.

I think the value has also come down now that rates have rose. I'm guessing it's right at the $500k gain now if I sold it today.

Bb

Isn't there still a once in a lifetime exemption in selling a house?

Not since 1997.

I’m not 100% sure on the tax details in the states? But in Canada we do have a capital gains tax. I recently sold a rental property of mine. Had it for 25 years and it paid for itself. It also more than doubled in value over the time I owned it. It was not my primary residence but come incomecome tax time next year, I will be paying a little capital gains tax to the federal government.