Capital Gains

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Capital Gains - To Qualify You Must Own Your Primary Residence for 2 Years out of 5 Years. 

Single Exemption: $250,000 - Married Exemption: $500,000. 

 

To qualify, you must have owned your home and used it as your main residence for at least two years in the five-year period before you sell it. You also must not have excluded another home from capital gains in the two-year period before the home sale. If you meet those rules, you can exclude up to $250,000 in gains from a home sale if you’re single and up to $500,000 if you’re married filing jointly.

If you sell a home that was not a primary residence or that does not meet the above requirements, then you would pay capital gains on that sale.

Please consult your tax attorney for more information pertaining to your situation.

 

 

 

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