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Real Estate

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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