Home | Newsletter | Advertise
loading...

IRS Publishes Tax Tips For Home Sellers

  • August 17th 2011

by UrbanTurf Staff

✉️ Want to forward this article? Click here.

IRS Publishes Tax Tips For Home Sellers: Figure 1

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.

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse