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Taxes on Sale of Home

Navigation:  Home > Tax Law > Taxes on Sale of Home

 

You may qualify to exclude from your income all or part of any gain from the sale of your main home, i.e., the one you live in most of the time. To claim the exclusion, during the 5-year period ending on the date of the sale, you must have owned the home for at least 2 years and lived in the home as your main home for at least 2 years. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return). If you can exclude all of the gain, you do not need to report the sale on your tax return You cannot, however, deduct a loss from the sale of your main home.

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