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.
About BRIAN WEAST REAL ESTATE GROUP, KELLER WILLIAMS
Welcome to the Brian Weast Real Estate Group, Keller Williams Realty!
You have found the right real estate team to assist you with all your real estate needs. Our knowledge of the market and attention to detail enables us to offer unparalleled customer service. Whether Selling, Buying or Investing, we will take care of you and guide you through the real estate process.
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