Thinking of Selling Your Home?

Thinking of Selling Your Home? Understanding the Home Gain Exclusion. Often a tax surprise occurs when selling your home. The possibility of capital gains tax should be understood before selling your residence. Here is a summary of the rules. One of the largest tax breaks available to most individuals is the ability to exclude up to $250,000 ($500,000 married) in capital gains on the sale of your personal residence. Making the assumption that this gain

Understanding the Home Gain Exclusion

Understanding the Home Gain Exclusion. When is a tax planning session essential? One of the biggest tax benefits available today is the exclusion of gains when you sell your qualified home. Here is what you need to know. The tax benefit explained For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two