2022 – 05/25 It’s nearly summer, a time when many people sell their homes. That’s why the IRS has issued a few reminders. Home sellers may qualify to exclude from income all or part of any gain from the sale of their main home on their tax return. To enjoy the full exclusion, taxpayers must meet the ownership and use tests. That is, for the five-year period ending with the sale date, the homeowners must have owned the home and lived in it as their main home for at least two years. Qualified taxpayers can exclude from their income a gain from the home sale of up to $250,000 ($500,000 for married taxpayers filling a joint return). Here’s more:
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