6 tax facts Home Sellers should know

1.  If you've owned and lived in your home for two of the five years prior to selling, you can generally exclude up to $250,000. of the gain from your income ($500,000. on a joint return, in most cases).

2.  You are not eligible for this exclusion if you sold another principal residence within the past two years and excluded the allowable gain from your income.

3.  If you can exlude ALL of the gain from the sale of your primary residence, you don't need to reort the sale on your tax return.

4.  If you have a gain on your principal residence that exceeds the allowable deduction, it is taxable.

5.  You  can't deduct a loss from the sale of your primary residence.

6.  Special rules may apply when you sell a home for which you've received the first-time home buyer credit. (see IRS publication 523, "selling you home" for details)

from CAR.org website

  • November 15 2012 - Fremont
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