Do I have to pay taxes on my profit when I sell my home?

People who haven’t sold a home in decades are sometimes afraid to sell because of all the taxes they fear they will have to pay… over $100,000 is a lot of capital gain!

Not everyone knows that most home-sale profit is now tax free. If you have lived in your home for two of the past five years before the sale, up to $250,000 is tax-free for a single person and up to $500,00 is tax-free for a couple. You can use this exclusion every time you sell a primary residence and haven’t claimed the exclusion on another home in the last two years.

If you meet these requirements, they won’t issue an IRS Form 1099-S at closing and you don’t have to report it on your income tax.

Get more info about taxes and the sale of your home directly from the IRS.

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I love what I do! Highly insightful, analytical and creative, there is nothing I love more than helping you find the right solution for your real estate transition. My mission is to serve my clients with honesty and integrity, exceeding their expectations in service and support… and to help others by donating a portion of every transaction to Habitat for Humanity.

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