PattiF
Expert Alumni

Deductions & credits

No, you generally do not need to worry about the sale of your main house increasing your MAGI. 

 

You can exclude a gain of $500,000 on the sale of a house if you are filing as married filing joint, or if filing as single, the exclusion from income is $250,000. 

 

For example, if you purchased your house for $100,000 and sold it for $350,000 filing as a single person; then there is no capital gain income.

 

Publication 523 from the IRS has information about the sale of a personal home.

 

 

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