Are you looking to sell your home anytime soon? Moving away can be very stressful from a tax point of view. But there are a few tips that IRS tax attorney, Tax Tiger, wants you to be aware of when filing your taxes. Keep these tips in mind when filing your taxes after selling your home and making a profit.
Making money from selling your home
If you happen to sell your home and make a profit – you may be able to exclude part or all of the profit from your income. This is only applicable if you have used the home for at least two years prior to the date of sale. You can normally exclude up to $250,000 of the gain from your income.