The Tax Implications of Selling Your Home
The profit that is creating by selling your property can be yours, tax free, as long as you meet the requirements.
- up to $250,000 for an individual or
- $500,000 for a married couple
Keep in mind that you would have to have lived in your house as a primary residence for at least 2 years of the last 5 years.
This does not apply if your property is an investment property. Investing in a 1031 exchange can help defer capital gains.
Always check with your accountant in order to understand the full impact that selling your home.
As Always,
Feel free to contact me anytime with questions you may have about the market value of your home.
I'm just an email or a call away.
Check here for details: IRS Publication
Gina Lollo
Northshore Properties Realty
(631) 625-4500
