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Capital Gains and Selling Your Home
The best tax break available to the public is for homeowners when they sell their home.
 
I was speaking recently with a savvy business person and buyer who was surprised when I told him he had an automatic $250,000 capital gain exemption on the sale of his apartment and if married eligible for a $500,000 capital gain exclusion on the sale of their primary residence. 
 
I'm surprised every homeowner and buyer doesn't know this. Many home owners still believe they have to purchase another home to receive a tax benefit.
 
All that changed in 1997. One of my first blog posts back in 2006 was titled 1997 tax-reform-great-for-real-estate-
The Taxpayer Relief Act of 1997 - signed into law by President Bill Clinton together with the Balanced Budget Act of 1997 is probably the most significant change in recent times affecting real estate. This law made some major improvements for Home Sellers, Property Owners and First Time Home Buyers. It simplified taxes for 99% of Homes sold in the U.S.
Since 1997 Home sellers are eligible to exclude up to $250,000 if single or up to $500,000 if married, of the capital gain on the sale of the residence. In order to be able to claim the entire exclusion, the home seller must have owned and resided in his or her home ... more

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