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Topic no. 701, Sale of your home - Internal Revenue Service The $250,000 $500,000 home sale tax exclusion - If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income, or up to $500,000 of that gain if you file a joint return with your spouse
Reducing or Avoiding Capital Gains Tax on Home Sales To be exempt from capital gains tax on the sale of your home, the home must be considered your principal residence based on Internal Revenue Service (IRS) rules These rules state that you
Capital gains tax on real estate and selling your home You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing
How to calculate capital gains taxes when selling your home More home sellers now owe capital gains taxes after selling their primary residence, but it is possible to reduce the bill There are no taxes on the first $250,000 of profit if you are single,
Understanding capital gains taxes on your home | Real estate . . . Could you owe capital gains tax on your home? There's an exclusion on gains from the sale of a primary residence, which generally lets sellers exclude up to $250,000 in gains from their income (or $500,000 for certain married taxpayers filing a joint return and certain surviving spouses) 1
Primary Residence Exclusion | Overview, Process, Exceptions The sale of a primary residence often falls under long-term capital gains if the property was owned for over a year The exclusion can help homeowners avoid or reduce these taxes, which can range from 0% to 20%, depending on the taxpayer's income
How to Claim the Capital Gains Primary Residence Exclusion It’s called the capital gains primary residence exclusion This exclusion allows you to exclude a portion of your home sale profits from your taxable income For single filers, the exclusion is up to $250,000 For married couples filing jointly, it’s up to $500,000 However, claiming this exclusion isn’t always straightforward