Tax Considerations When Selling Your Home

Taxpayers who sell their main home for a capital gain may be able to exclude up to $250,000 of that gain from their income. Taxpayers who file a joint return with their spouse may be able to exclude up to $500,000. Homeowners, excluding all the gain, do not need to report the sale on their tax return unless a Form 1099-S was issued. May 7, 2024

Check with a tax professional, as this is the current ruling and may be subject to change in the future.

Now may be a good time to sell your home and fund your retirement plan.

Gloria J. Besley,

Licensed Public Accountant/IRS Enrolled Agent