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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
Do You Pay Taxes When You Sell a House? | IRS. com Single filers can exclude up to $250,000 in capital gains from taxation Married couples filing jointly can exclude up to $500,000 in capital gains There are qualifying criteria you must meet before you can claim this exclusion, however, and they might make the process harder for more than a few people They are as follows:
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
How to Calculate Gain or Loss on Sale of Property in 2025 How to Calculate Gain or Loss on Sale of Property in 2025 Homeowners selling their main home can exclude up to $250,000 ($500,000 joint) in capital gains if they meet IRS ownership and use tests Proper documentation, understanding exclusions, and reporting sales on Schedule D are essential to avoid taxes and comply with regulations for 2025
IRS Section 121: Exclusion of Gain from the Sale of a Principal Residence IRS Section 121, also known as the “Principal Residence Exclusion,” provides a valuable tax benefit to homeowners by allowing them to exclude a portion of capital gains realized from the sale of their primary residence
Capital Gain Exclusion May 2025 Update | USTaxAid First we need to look at whether you meet the two out of five year rule Let’s say you sell 420 in September 2025 If you go back five years to 9 2020, would you have lived in it for two years? You moved out summer 2020, so you didn’t live there for any time during that five year period