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SELLING YOUR HOME | IRS DEDUCTIONS

Wilmington NC Real Estate
Posted: February 16, 2018 by Terry Thompkins

Getting your taxes together after the sale of home? 
Check out the IRS Publication 523

https://www.irs.gov/pub/irs-pdf/p523.pdf


This publication explains the tax rules that apply when you sell or otherwise give up ownership of a home. If you meet certain conditions, you may exclude the first $250,000 of gain from the sale of your home from your income and avoid paying taxes on it. The exclusion is increased to $500,000 for a married couple filing jointly. This publication also has worksheets for calculations relating to the sale of your home. It will show you how to: 1. Determine if you have a gain or loss on the sale of your home, 2. Calculate how much of any gain is taxable, and 3. Report the transaction correctly on your tax return.  Click link for full publication.  

  irs deductions   selling your home  
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