Looking to sell your home? Read below to find out how this can help you reduce YOUR TAXES you pay!
-If you've lived in your home two out of the past five years, you can exclude up to $250,000 of the gain from your income and up to $500,000 on a joint return.
-This exclusion does NOT apply if you have sold a different principle residence in the past two years and excluded the gain from that property from your income.
-If ALL of the gain on your primary residence can be excluded, you DO NOT need to report this sale on your tax return.
-If the gain on your primary residence EXCEEDS the allowable deduction, it is then taxable.
-A loss on the sale of your primary residence CANNOT be deducted.
-Additional rules may apply when selling a primary residence in which a first-time home buyer credit was utilized.
DM me for more information on these tax rules or if you would like assistance in selling your home!
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