How much tax will I owe when I sell my home?

How much tax will I owe when I sell my home?

If you are planing on selling your home and are curious to what you will owe in taxes, this might be great news for you. If the home is your primary residence and you have lived there for 2 years or more, you are exempt for up to $250,000.00 in tax liability. You can take that money and put it into your new home, or buy a quarter million dollars in new shoes it doesn’t matter, it’s yours!

Married couples can exclude up to $500,000. Depending on how much of a profit you make on the sale, you and your husband/wife could potentially have no capital gains tax bill at all.

The two years residency doesn’t have to be consecutive. You have to have lived in your home for a total of 24 months out of the five years prior to the sale. If you live there for 6 months, then rent it out for three years, then move back in for a year and a half, that would qualify you.

If you have any question please feel free to ask: abesuter@gmail.com

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About abesuter
I grew up in the Denver Metro area. I created this site to help people and give insights about day to day life here from entertainment to real estate. I am constantly learning something new everyday and look forward to sharing it with you!

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