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If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home provides rules and worksheets.
In simple terms, this capital gains tax exclusion enables homeowners who meet specific requirements to exclude up to $250,000 (or up to $500,000 for married couples filing jointly) of capital...
The sale of a primary residence often falls under long-term capital gains if the property was owned for over a year. The exclusion can help homeowners avoid or reduce these taxes, which can range from 0% to 20%, depending on the taxpayer's income.
You can sell your primary residence and be exempt from capital gains taxes on the first $250,000 if you are single and $500,000 if married filing jointly.
The tax code recognizes the importance of home ownership by allowing you to exclude gain when you sell your main home. To qualify for the maximum exclusion of gain ($250,000 or $500,000 if married filing jointly), you must meet the Eligibility Test, explained later.
Could you owe capital gains tax on your home? There's an exclusion on gains from the sale of a primary residence, which generally lets sellers exclude up to $250,000 in gains from their income (or $500,000 for certain married taxpayers filing a joint return and certain surviving spouses). 1
You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing...
You can exclude gain from the future sale of your principal residence (within the limits of the exclusion) as long as you satisfy the ownership and use tests and haven't excluded gain from the sale of a former principal residence within the two-year period ending on the date of the sale.
The principal residence exclusion is a rule used by the Internal Revenue Service that allows people meeting certain criteria to exclude up to $250,000 for single filers or up to $500,000 for...
The capital gains tax exclusion only applies to the sale of your primary home. It doesn't work for commercial real estate, rental properties or houses used as investment...