Sun Accounting Services

Seven considerations homeowners should take note of when in the process of selling a home:

2. Gains
Taxpayers who sell their main home and have a gain from the sale 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.

For more information, please feel free to contact Sun Accounting Services on 561 504 6075 or [email protected].

Source: IRS (https://www.irs.gov/newsroom/homeownership-and-taxes-things-taxpayers-should-consider-when-selling-a-house)