$500,000 Tax Exclusion For Homeowners

$500,000 Tax Exclusion For Homeowners

  Homeowners can exclude up to $500,000 from income taxes on the sale of a primary residence   Taxes can take a serious toll on a home sale, and will quickly eat into your profit if you are not setup properly.  Fortunately for homeowners, the tax code recognizes the importance of home ownership by providing certain tax breaks when you sell a home that is your primary residence.  Amount of Exemption Federal tax code allows a certain amount of the net proceeds from the sale of your primary residence to be excluded from taxation.  For an individual, the exclusion is...Read more