Home Sales
Typically, a home is no less than the most valuable asset you could own. Luckily, the tax laws have a generous federal income tax break that applies when you sell your primary home at a gain. If you owned and used the property for your own personal purposes for a minimum of five years before selling it, you can easily exclude up to $250,000 of the gain from the income.
Any gains that are over $250,000 and $500,000 exclusion will be taxed at long-term capital gains rates. Besides that, losses aren’t deductible.
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