New Short Sales Rules - Cheat Sheet

10 tax tips for home sellers

<a href="http://www.shutterstock.com/pic.mhtml?id=94593529">Tax time</a> image via Shutterstock.

Tax time image via Shutterstock.

The IRS has recently issued a helpful list of 10 tax tips all homeowners should keep in mind when selling a home:

1. You are usually eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2. 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 in most cases).

3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

for full story

Comments