Planning for the Sale of a Home


Many homeowners are aware that, upon selling one?s principal residence, up to $250,000 of the profit may be exempt from tax. If the homeowner is married and files a joint tax return with his or her spouse, up to $500,000 of the profit may be exempt from tax. To qualify for this exempt treatment, generally speaking, the homeowner must have owned and used the property, as a principal residence, for at least two years during the five-year period leading up to the sale of the property.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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