Home Buying in 01970>Question Details

J PERAS, Home Seller in Salem, MA

CA SOMEONE POST A LINK REGARDING GAINS ON THE SALE OF HOME? THXS

Asked by J PERAS, Salem, MA Thu Apr 25, 2013

Help the community by answering this question:

Answers

2
First the disclaimer: This is not tax advice, but just my personal knowledge that I am giving. Please consult your tax adviser for more information.

Not that the legal stuff is out of the way - A person is exempt from paying capital gain taxes on the first $250,000 ($500,000 for a couple filing jointly) gain (or profit) made on a property that was their primary residence (you must have lived in it) for at least 2 of the last 5 years. You cannot have taken the exemption in the previous 2 years on any other property.

That is the simple answer. There are more qualifications, but talk with a tax adviser or accountant, or visit the web address below.

Jim Armstrong
0 votes Thank Flag Link Thu Apr 25, 2013
J...not sure what you mean...are you referring to tax advice on home sale capital gains? If so, try this IRS link:
http://www.irs.gov/publications/p523/ar02.html
0 votes Thank Flag Link Thu Apr 25, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer