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.


Local experts you can trust. Find an ELP

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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