Home Tax Facts | Aurum Title | Texas Commercial Title Company

Home Tax Facts

Fact 1

If you’ve owned and lived in your home for 2 of the 5 years prior to selling it, you can generally exclude up to $250,000 of the gain from your income. 1 ($500,000 on a joint return in most cases).

Fact 2

You are not eligible for this exclusion if you sold another principal residence within the past 2 years and excluded the allowable gain from your income. 

Fact 3

If you can exclude ALL of the gain from the sale of your primary residence, you don’t need to report the sale on your tax return.

Fact 4

If you have a gain on your principal residence that exceeds the allowable deduction, it is taxable.

Fact 5

You can’t deduct a loss from the sale of your primary residence.

Fact 6

Special rules may apply when you sell a home, (See IRS Publication 523, “Selling Your Home,” for details.) if you’ve received the first-time homebuyer credit.

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