Buying or selling a house could benefit you when tax time rolls around. While there’s no guarantee that it will (you’ll need to talk to a tax professional to be sure), tax exclusions and rebates are always worth looking into.
Home Sellers and Taxes
If you’re selling your home, it is best to work with a tax expert. He or she will know the ins and outs of current Internal Revenue Service regulations, tax codes and everything else that applies to your sale.
In many cases, federal tax laws allow you a tax exclusion on the capital gains from your home sale. You have to meet very specific criteria (such as having lived in the home as your primary residence for two out of the past five years).
Single taxpayers can exclude profits up to $250,000 and married payers who file joi