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Home Selling in Marion : Real Estate Advice

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Mon Apr 2, 2012
Dan Tabit answered:
Montanadog,
I looked up the IRS site to be certain, here is their response and a link to the site to check for yourself.

Principal Private Residence

If you sell your house, including grounds of up to one acre (0.4047 hectares) and the house has been occupied as your sole or main residence throughout your period of ownership, you may be entitled to full Principal Private Residence relief (PPR relief) and therefore exempt from Capital Gains Tax on the sale. PPR relief is available to all vendors selling their home, there are a number of conditions for the relief but age is not one of them. This relief may be reduced where the home has also been used for business purposes or is being sold as development land. ... more
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