Selling Home
Rental Property: Taxes on Selling Home
If you are a homeowner, you will be entitled to tax breaks when you sell your home. It is possible to profit up to $250,000 if you file your taxes singly. If you file jointly, you could get $500,000. To make things even nicer, you will owe nothing to the IRS. There are a few caveats that are involved. You must have been the owner of the property and must have used that same property as your primary residence for at least 2 of the 5 years preceding the sale of the home. While this seems fair, what happened if you sold your home after only owning it for two years? In 2002, the IRS released new regulations that changed the original rules.
If you are in the situation of owning and residing in the home for less than 2 years, you can avoid the tax by claiming a reduced gain exclusion.
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