Real estate blog entries tagged with home seller tax breaks by Dianne Sommers (RE/MAX Classic Group)

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Home : Blogs : Dianne Sommers : Dianne's Blog : Tag "home seller tax breaks"

home seller tax breaks: Facts about the Home Seller Tax Breaks: - 01/06/10 12:20 PM

Facts about the Home Seller Tax Breaks:
Almost everybody has heard about the $7500 tax credit for first-time home buyers, but what about tax breaks for home sellers? Home sellers enjoy a tremendous tax benefit upon resale. Internal Revenue Code Section 121 authorizes an "exclusion" - escape from income taxes - for profits from home sales. The exclusion is as much as $500,000 for married couples who file joint returns, and $250,000 for single filers and couples who file separate returns. What happens, though, when the gain is greater than the exclusion ceiling of $500,000 or $250,000? Answer: The excess is … (0 comments)

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Dianne Sommers

Gillette, NJ

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RE/MAX Classic Group

Address: 47 South Finley Avenue, Basking Ridge, NJ, 07920

Office Phone: (908) 766-9300

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