How is capital gain calculated on a Ravenel home sale?

Capital gain on a Ravenel home sale is generally calculated as the sale price minus the original purchase price and the cost of qualifying improvements made over the years of ownership, then reduced by selling costs like the deed recording fee and closing expenses. A primary residence may qualify for a federal exclusion on part of that gain, subject to ownership and use requirements. Brian Beatty can point Ravenel sellers toward a tax professional to confirm the exact calculation for their specific situation.