Articles concerning the Taxes if Selling Your Home


Additional Resources

Selling your home has many benefits in the tax world. The biggest tax break in selling your home is that you can exclude from taxes up to $250,000 in profit if you're a single owner, which translates into $500,000 for couples filing jointly.


Tax Rules of Selling Your Home


The first rule is pretty straight forward: You must live in your home and it must be your principal residence.

Second, not only must you live in your home, but you must have lived in it for at least two of the previous five years. The two years that you have lived in it do not need to be in sequential order. You can rent your home for two years, live in it for one, rent it out for one more year, and live in it the last year, for a total of two years during the five year period. As long as you have lived in your home for two years during the last five, and can prove as much, you are covered.

There is no maximum to the number of personal residences that you can sell and reap tax-free gain, those sales must always happen two years apart. You can sell your residence and buy a new residence, and in two years you can sell that residence. You can do this over and over again as many times as you like.

When it comes to taxes, there are many rules, regulations, and changing seasons. Be sure to contact the CPA Moms to find out the most current laws and check your unique situation.

With a little education, research and planning, you can enjoy the tax benefits of selling your home - as many times as you like!

Disclamer: The links on this page are additional resources. This information was collected from many independent sources. The opinions expressed by each resources are their opinions and are not necessarily the opinions of the CPA Moms.

Each link offers a different point of view. This information is for general information only.

If you want a specific opinion, please contact us.

 

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discount note buyer
HUD - Housing Hurricane Discount Home Sales - A: No, a note is not required to secure the discount. ... A: HUD will pay all reasonable and customary Buyers' closing costs up to 5% of the discounted ...
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Home - Topix.net
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