The Internal Revenue Service recently issued a list of tips for individuals who have sold or are about to sell their home. Below are a few that UrbanTurf considered worth highlighting.
- In general, home sellers are eligible to exclude the profit from a home sale from their income if they have owned and used the home as their main residence for two out of the five years prior to the date of its sale.
- Home sellers are not eligible for the above mentioned exclusion if they excluded the gain from the sale of another home during the two-year period prior to the sale of the home.
- Home sellers are not required to report the home sale on their tax return if they are able to exclude the entire gain from the sale.
- A loss can’t be deducted from the sale of your main home.
- If a seller has more than one home, they can exclude a gain only from the sale of their main residence. For the sale of any other home, taxes must be paid on any profit.
This article originally published at http://dc.urbanturf.com/articles/blog/irs_publishes_tax_tips_for_home_sellers/3999
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