IRS Publishes Tax Tips For Home Sellers
✉️ Want to forward this article? Click here.
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.
Similar Posts:
See other articles related to: home sales, irs, tax tips
This article originally published at https://dc.urbanturf.com/articles/blog/irs_publishes_tax_tips_for_home_sellers/3999.
Most Popular... This Week • Last 30 Days • Ever
As the year draws to a close, homeowners have the opportunity to maximize their tax b... read »
Some interesting residential plans are on the boards for the church at 16th Street an... read »
The Tastee Diner closed its doors in 2023. Since then, a huge redevelopment plan at i... read »
For sellers in Woodley Park, Chevy Chase and Spring Valley, it was a good time to sel... read »
The high-end properties are set between the Potomac River/C&O Towpath and multiple pa... read »
- What Homeowners Should Do Before The End of the Year
- A Nine-Story Condo Building Floated For 16th Street Church Property
- The 525-Unit Development Planned At Silver Spring Tastee Diner Site Moves Forward
- The 3 Zip Codes Where DC Home Sellers Average More Than $500,000 In Profits
- Two Stylish Single-Family Homes Debut in Walkable MacArthur Boulevard Location
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro