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Avoid Tax on Sale of Principal Residence
Are
you aware that you may exclude up to $250,000 of gain realized on a sale or
exchange of residence, if you owned and occupied it as a principal residence
for at least two years out of five years before the sale or exchange. If
you are married and filing jointly, you may be able to exclude up to
$500,000. And guess what?? You can repeat this every two years if
you are so inclined.
The old tax law allowed only a $125,000 exclusion, you could only do it once, and you had to be over the age of 55.
This information is not intended to be used as tax advice. Consult your accountant before making any tax decisions.
