06/20/2023
Selling your home? You may be able to exclude all or part of any gain from the sale from your income when filing your tax return.
Here are some of the details:
- You must have owned the home and lived in it as your main home for at least two years.
- You may be able to exclude up to $250,000 of that gain from your income. If you file a joint return, you may be able to exclude up to $500,000.
- If you experience a loss when you sell your main home for less than what you paid for it, the loss is not deductible.
- If you own more than one home, you can exclude the gain only on the sale of your main home. You must pay taxes on the gain from selling any other home.
- If you don't qualify to exclude all of the taxable gain from your income, you must report the gain from the sale of your home when you file your tax return.
For more details, visit: https://www.irs.gov/forms-pubs/about-publication-523.
