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Deductions & credits
The rule that you could postpone your gain by buying a more expensive home was phased out in 1997. Now, each transaction stands alone. If you lived in the home at least two years of the past 5 years and owned it at least 2 years, you qualify to exclude the first $250,000 of gain (or $500,000 if married filing jointly). Any gain over that is a taxable capital gain. If you owned and lived in the home less than 2 years, you might qualify for a partial gain depending on the circumstances of why you decided to sell.
‎August 8, 2023
10:15 AM