Real Estate Sales and Taxes

By lucy | June 3, 2017

Selling a home can have a major impact on your tax returns. A tax consultant can help you determine the effects that selling your home would have on you. Here are some factors that could effect your taxes:

  • Whether you purchased the home or acquired it by gift or inheritance
  • Whether you used your home partly for business or rental
  • Costs associated with selling your home
  • Home improvements or additions, which may help to offset capital gains
  • The sale of your home. In certain cases you can exclude up to $250,000 in gain ($500,000 for married couples filing a joint return) on the sale of property that was your principle residence for at least two years. Generally, you can use this exclusion every two years in the USA.
Posted in Sellers