Do I have to report a $75-80k gain on the sale of my second home? Is there a maximum for single/head of household?

Do I have to report a $75-80k gain on the sale of my second home?=======>>>>>>>>>>>>yes, as it is not your primay residence; a second home, not used for business, is a capital asset in the hands of the owner. Aslongas you held it for more than one year and is sold at a gain, such gain will be taxed as long-term capital gain subject to a maximum federal tax rate of 15% (although a 0% rate , if your tax bracket is 15% o lower).A capital gain may be offset on a dollar-for-dollar basis by deductible capital losses. Therefore, capital losses from stock sales may offset the gain from the sale of the second home.Furthermore, losses of up to $1500 on a hoh return in excess of the reported capital

Is there a maximum for single/head of household===============>>>>>>>>>>>not that I know of; however, it comes with some great tax benefits for those who qualify. If you qualify as Head of Household, you will have a lower tax rate and a higher standard deduction , $9100 vs $6,200 for 2014,than a Single filer;

Do I have to report a $75-80k gain on the sale of my second home?====>>>>>yes, as it is not your primay residence; a second home, not used for business, is a capital asset in the hands of the owner. Aslongas you held it for more than one year and is sold at a gain, such gain will be taxed as long-term capital gain subject to a maximum federal tax rate of 15% (although a 0% rate , if your tax bracket is 15% o lower).A capital gain may be offset on a dollar-for-dollar basis by deductible capital losses. Therefore, capital losses from stock sales may offset the gain from the sale of the second home.Furthermore, losses of up to $1500 on a hoh return in excess of the reported capital

Is there a maximum for single/head of household=============>>>>not that I know of; however, it comes with some great tax benefits for those who qualify. If you qualify as Head of Household, you will have a lower tax rate and a higher standard deduction , $9100 vs $6,200 for 2014,than a Single filer;