Capital Gains Exclusion

Selling homes comes with perks...a capital gain exclusion is one of them!

If you have a capital gain from the sale of your main home, you may qualify to exclude up to 250,000 of that gain from your income taxes (up to 500,000 if you file a joint return with your spouse).

In general, to qualify you must meet both the ownership test and the use test...You have owned and used your home as your main home for a period totaling at least two years out of the five years prior to its date of sale. These can be during different 2-year periods; however, you must meet both tests during the 5-year period ending on the date of the sale.

Refer to Topic No. 701 Sale of Your Home on irs.gov for more information.

Contact me for more information on what your home is worth or if you want to start enjoying the many perks of homeownership.

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