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You will be exempt from paying a capital gain on the sale of your home if:
You owned and lived in your home 2 out of the last 5 years prior to the sale, and,
Your gain is less than $250,000 ($500,000 if filing Married Filing Joint).
You will need to enter the sale on your return in any case if you receive a 1099-S
Consider consulting with your realtor and/or title company to determine if you will receive a 1099-S
Remodeling/home improvements can be added to the cost basis of your property and reduce your capital gain in the event of sale.
You will be exempt from paying a capital gain on the sale of your home if:
You owned and lived in your home 2 out of the last 5 years prior to the sale, and,
Your gain is less than $250,000 ($500,000 if filing Married Filing Joint).
You will need to enter the sale on your return in any case if you receive a 1099-S
Consider consulting with your realtor and/or title company to determine if you will receive a 1099-S
Remodeling/home improvements can be added to the cost basis of your property and reduce your capital gain in the event of sale.
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