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Publication 523 - Main Contents Does Your Home Sale Qualify for the Exclusion of Gain? The tax code recognizes the importance of home ownership by allowing you to exclude gain when you sell your main home.
This publication explains the tax rules that apply when you sell (or otherwise give up ownership of) a home.
Both spouses meet the residence and look-back requirements and one or both spouses meet the ownership requirement. $500,000. Determine if either spouse is eligible for the full limit as a single person. If not, determine if either spouse is eligible for a partial exclusion. Single, married filing separately.
your home for business or as a rental property, see Pub. 587, Business Use of Your Home, and Pub. 527, Residen-tial Rental Property. Exceptions. The following situations of business or rental usage don’t affect your gain or loss calculations. Space within the living area. If the space you used for business of rental purposes was within the living
Publication 523, provided by the IRS, guides homeowners on the tax implications of selling their primary residence. It explains eligibility for gain exclusion, calculating gain/loss, reporting requirements, and more.
The list is not exhaustive, as the rules for this exclusion can be complex. If you have questions, consider reviewing Publication 523 or speaking with a tax advisor.
This publication will show you how to determine if you have a gain or loss, how much of that gain is taxable (if any), and how to report your transaction correctly.