July 18, 2016
Beneficiary of Your IRA

Selling Your Home? – Financially Simple

Selling Your Home? “Selling Your Home”, If you’re putting your home on the market, you may be able to avoid paying taxes on some of your capital gains. Here’s what IRS regulations say: If you show a capital gain on the sale, you may be able to exclude it from your taxes if you have owned and used it as your main home for at least two out of the last five years. You can exclude up to $250,000 (or $500,000 for joint filers), and the Net Investment Income tax will not apply to the excluded gain. You can exclude a gain from the sale of your main home only once every two years. If you claimed the first-time homebuyer credit, special rules may apply to the sale. For more information about tax issues relating to real estate, consult a tax professional in your area or refer to IRS Publication 523, “Selling Your Home.” Tip courtesy of IRS.gov[13] 13 https://www.irs.gov/taxtopics/tc701.html https://www.irs.gov/publications/p523/ar02.html#en_US_2015_publink100011903 So above is the complete details you need to know about selling your home. Please share it with others and stay connected with us.