Real estate blog entries tagged with tax tips by Mary Benton, TechTown Realty in Lubbock (TechTown Realty, Licensed in Texas)

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tax tips: Tips to home sellers from the IRS - 08/23/11 07:42 AM

Straight from the IRS to the citizens! Here are their top 10 tax tips for home sellers: (found on the IRS websiet as IRS Summertime Tax Tip 2011-15).
1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale. 
2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in … (2 comments)

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