1. If you own your home and is your primary residence for at least 2 of 5 years, then you can exclude up to $250K for individuals and $500K for married filing jointly for any capital gains on the sale of the home.
2. If you don't meet the requirements for the full $250K or $500K capital gains exclusions, you amy still be able to qualify for reduced gain exclusions.
3. Loss on the sale of a home are not deductible.
4. For taxpayers who have more than one home, you can exclude the gain for only 1 home.
source: http://www.irs.gov/newsroom/article/0,,id=173359,00.html
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment