taxes

Tax Tips for Selling a Home

1 Minute Read

Here is a great law. If you want to sell your home and have lived in it for 2 of the 5 years before the sale, then any profit you make on it (up to $250,000 for individuals and $500,000 for married filing jointly) is TAX-FREE!

There are 3 "tests" that you must pass in order to take advantage of this tax-free law. You must have owned the home for at least 2 of the 5 years before the sale, you must have used it for your primary residence for 2 of the 5, and you must not have excluded the $250,000/$500,000 gain on the sale of another home within 2 years prior to the sale of your current home.

There are other conditions that might allow you to qualify as well, such as a job change or a divorce. One of our tax ELPs can help you there.

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