5.15.19 – Exclude gains from selling your home

Tax tip

If you sell your main home and have a gain from the sale you may be able to exclude up to $250,000 of that gain from your income. Or up to $500,000 if you file a joint return with your spouse. In either case, if you exclude all the gain you do not need to report the sale on your tax return.

Tip courtesy of IRS.gov

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