Capital Gains When You Sell Your Primary ResidencePosted by Derrik Carlson on
In the past week, I have overheard three different discussions about capital gains when someone is selling their Park City home. Capital gains on the sale of a primary residence is often misunderstood and because I'm not a CPA, tax advisor, etc I must say it's best to consult a licensed professional regarding any proceeds when selling a property.
Here's what the IRS has to say about the sale of your home: "If you have a capital gain from the sale of your main home, you may qualify to exclude up to $250,000 of that gain from your income. You may qualify to exclude up to $500,000 of that gain if you file a joint return with your spouse. Publication 523, Selling Your Home, provides rules and worksheets. Topic 409 covers general capital gain and loss…
1303 Views, 0 Comments