Good news: If you meet certain IRS requirements, you may be able to exclude up to $250,000 of capital gains from income ($500,000 for married couples filing jointly).
✅ You must have owned and lived in the home for at least two years out of the last five years before the sale. ✅ This exclusion is only available for your main home — not second homes or investment properties. ❗ Losses on a home sale generally aren’t deductible.
Make sure you understand the IRS rules before filing! Learn more here: https://bit.ly/3GCMQqz
TaxProWorld
🏡 Sold Your Home Recently?
Good news: If you meet certain IRS requirements, you may be able to exclude up to $250,000 of capital gains from income ($500,000 for married couples filing jointly).
✅ You must have owned and lived in the home for at least two years out of the last five years before the sale.
✅ This exclusion is only available for your main home — not second homes or investment properties.
❗ Losses on a home sale generally aren’t deductible.
Make sure you understand the IRS rules before filing!
Learn more here: https://bit.ly/3GCMQqz
#HomeSale #CapitalGains #TaxExclusion #RealEstateTax #IRSUpdates #FinancialPlanning
5 months ago | [YT] | 0