If you sell y our home, the IRS permits a maximum exclusion on capital gain of $250,000 for individuals and $500,000 for married couples filing a joint return. But you know there have to be some conditions to this:
You must have lived in the home for at least 2 years and actually occupied the home at least 24 months out of the last five years. Also you you can not have exclued any gains on your taxes from the sale of a different home in the last two years. Also if you have sold your proeprty for less than the original purchase price, you will not be able to claim a capital loss. You can find more information on the rules for capital gains in Publication 523, Selling Your Home.
A Be sure to consult with your CPA or with the IRS for special cases such as a change in your employment, heatlh issues or some other circumstances that might effect you.
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