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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