The Sale Of Your Home And Capital Gains Tax

The Sale Of Your Home And Capital Gains Tax

The IRS allows a seller to exclude from his or her taxable income a gain of up to $250,000 on the sale of his or her home (or $500,000 if married filing jointly) if he or she:

1. Owned the home and used it as his or her principal residence during at least two of the last five years before the sale;
2. Did not acquire the home through a like-kind exchange (also known as a 1031 exchange) during the past five years; and
3. Did not exclude a gain on another home sold during the two years before the current sale.

Note: If one spouse transfers the home (or a share of a jointly owned home) to a spouse or ex-spouse as part of a divorce settlement, he or she is not considered to have a gain or loss and does not owe any tax on the transfer.

Additional Note: If each member of a married couple owns and occupies a separate residence and files jointly, each may exclude up to $250,000 in gain when they sell.

THANKS!!!

Sean A. Clemmensen | President & General Counsel

281.923.5708 (Mobile)
www.tiagotitle.com



 


Brian Weast Headshot
Author:
Phone: 972-880-0369
Dated: September 23rd 2016
Views: 64
About Brian: Brian has a Bachelor of Science from Texas A&M Commerce and a Masters of Liberal Arts from Texas Chr...

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Location & Address

BRIAN WEAST REAL ESTATE GROUP, KELLER WILLIAMS
2701 Sunset Ridge #109
ROCKWALL, TX
972-521-3874
972-590-8675