Tax Rules When Selling Your Home-7342567234
October 11, 2023 ⚊ 1 Min read ⚊ Views 68 ⚊ BLOG
If you owned and lived in your home for two of the last five years before the sale, then up to $250,000 of profit may be exempt from federal income taxes. If you are married and file a joint return, then it doubles to $500,000.1
To qualify for this exemption, you cannot have excluded the gain on the sale of another home within two years of this sale. Please consult a professional with tax expertise regarding your individual situation.2
Tags: #financialservices, #taxservices
