- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
And it's not the proceeds but the GAIN. Starting in May 1997…..For a primary home, if you owned and lived in your house for 2 out of the last 5 years when you sell you can exclude the gain up to $250,000 for single or 500,000 for married from tax. You can not take a loss on your tax return. The rule about rolling over the gain to the next house went out in May 1997. And it doesn't matter what you did with the proceeds like buy another house.
June 7, 2019
3:13 PM