Posted by: Robert O'Neil, CPA
Many people may not realize it but selling your home is actually a taxable event.
However, due to certain tax rules in place, it rarely affects your 1040 since losses are nondeductible and gains are generally excluded to the extent of $250,000 if you’re single and $500,000 if married filing jointly, providing you meet the ownership and occupancy tests, below.
While the past several years have been unkind to homeowners looking to sell their homes and at least manage to break even, the housing market is finally starting to improve.
With the housing market rebounding, the question, “How can I save the most in taxes when I sell my home,” is becoming relevant again.
Learn how to make the most out of selling your home here.
For questions on this or any other tax topics, please contact one of the tax professionals at Zinner & Co.
