Selling your home?
Did you own and live in the home for two of the last five years? If the answer is yes, there are some tax benefits if you make a profit on the sale.
If you fit the criteria described, you’ll be able to exclude up to $500,000 of the gain from your income if you file a joint tax return, in most cases. You can exclude up to $250,000 from your income if you are single, in most cases.
Keep good records (including capital improvements made to your home, which you can subtract from the selling price) and be sure to contact us for specifics on your home and location.
Source: ClientLine Newsletter.